Panama, Oklahoma Property Taxes
The median property tax rate in Panama, OK is 1.01%, slightly higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Panama, the typical annual property tax bill reaches $442, which is significantly lower than the national median of $2,690. Property taxes in Panama are calculated based on the assessed value, which generally falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Panama's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Panama or another part of Le Flore County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Panama, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$475
Ownwell’s Panama Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Panama with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Panama to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Panama, Oklahoma
Property taxes in Panama, Oklahoma, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Panama is 1.01%, slightly higher than the U.S. national median of 0.99%. Local government entities within Panama set these rates annually, and they can vary significantly across different neighborhoods. Each year, Panama estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Panama's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74951 zip code has both the highest and lowest median property tax rate of 1.01%. Understanding how these areas compare with Panama provides valuable insights into the varying tax landscape across Le Flore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Panama Tax Rate
1.01%
Average Le Flore County Tax Rate
0.80%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Panama, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74951 | 0.74% | 0.85% | 1.01% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Panama, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Panama, Oklahoma. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Le Flore County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Panama, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The highest and lowest median tax bills in Panama are both $442.00, found in the zip code 74951. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Panama Assessed Value
$47,000
Average Le Flore County Assessed Value
$72,264
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Panama, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74951 | $24,597 | $31,260 | $47,000 | $69,923 | $99,999 |
Source: Ownwell
Property Tax Bills Across Panama, Oklahoma
In Panama, located in Le Flore County, OK, property tax bills are calculated by applying the local property tax rate to the assessed value of a home. The assessed value is typically a percentage of the market value, which is determined through periodic assessments by local authorities. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Panama, the property tax bill can vary significantly. For instance, the 25th percentile tax bill is around $302, while the 75th percentile reaches up to $650. At the higher end, the 90th percentile tax bill can be as much as $973. The median home price in Panama is $47,000, and the median tax bill in the zip code 74951 is $442, which stands out as both the highest and lowest median tax bill in the area. Compared to the national median property tax rate of 0.99%, homeowners in Panama may experience different tax burdens, impacting their overall housing costs and financial planning.
Average Panama Tax Bill
$442
Average Le Flore County Tax Bill
$517
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Panama, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74951 | $180 | $302 | $442 | $650 | $973 |
Source: Ownwell