Drummond, Oklahoma Property Taxes
The median property tax rate in Drummond, OK is 0.54%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Drummond, the typical annual property tax bill is $501, well below the national median of $2,690. Property taxes in Drummond are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Drummond's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Drummond or another part of Major County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Drummond, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$487
Ownwell’s Drummond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Drummond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Drummond 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 Drummond, Oklahoma
Property taxes in Drummond, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Drummond is 0.54%, which is lower than the U.S. national median of 0.99%. Local government entities within Drummond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Drummond 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 Drummond's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73735 has the highest median property tax rate of 0.54%, while the same zip code also has the lowest median tax rate of 0.54%. Understanding how these cities compare with Drummond provides valuable insights into the varying tax landscape across Major County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Drummond Tax Rate
0.54%
Average Major County Tax Rate
0.83%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Drummond, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73735 | 0.26% | 0.32% | 0.54% | 0.82% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Drummond, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Drummond, Oklahoma. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Major County Assessor's Office 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 Drummond, 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. Being aware of these valuation processes in Drummond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 73735 has the highest and lowest median tax bill, both at $501.
Average Drummond Assessed Value
$90,244
Average Major County Assessed Value
$92,366
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Drummond, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73735 | $40,307 | $56,486 | $90,244 | $93,223 | $129,890 |
Source: Ownwell
Property Tax Bills Across Drummond, Oklahoma
In Drummond, Major County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Drummond is $90,244. The local property tax rate is applied to this assessed value to determine the annual tax bill. In Drummond, the property tax bill ranges significantly, with the 25th percentile at $180 and the 75th percentile reaching $778. For the top 10% of homes, tax bills can go up to $1,069. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, Drummond's tax bills are relatively moderate. Homeowners in Drummond need to be aware of these variables as they directly impact their annual financial obligations. Understanding how these elements interact can help homeowners better manage their property-related expenses.
Average Drummond Tax Bill
$501
Average Major County Tax Bill
$720
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Drummond, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73735 | $112 | $180 | $501 | $778 | $1,069 |
Source: Ownwell