Byng, Oklahoma Property Taxes
The median property tax rate in Byng, OK is 0.89%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $324,292 in Byng, the typical annual property tax bill amounts to $2,270, falling below the national median of $2,690. Property taxes in Byng are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Byng'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 Byng or another part of Pontotoc County, grasping the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Byng, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$2,886
Ownwell’s Byng Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Byng with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Byng to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and make informed financial decisions. For those interested in more granular data, you can scroll down to discover trends at the neighborhood level. Your property’s assessed value is determined by the county for property tax purposes and takes into account any applicable exemptions.
Property Tax Rates Across Byng, Oklahoma
Property taxes in Byng, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Byng is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Byng set these rates annually, and they can vary significantly across different neighborhoods. Each year, Byng 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. Understanding how Byng's effective property tax rate compares with other areas provides valuable insights into the varying tax landscape across Pontotoc County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Byng Tax Rate
0.89%
Average Pontotoc County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Byng, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74820 | 0.71% | 0.76% | 0.89% | 0.90% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Byng, Oklahoma
In Byng, Oklahoma, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. 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 Pontotoc 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 Byng, 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 Byng helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 74820 has the highest and lowest median tax bill, both at $2,270.
Average Byng Assessed Value
$324,292
Average Pontotoc County Assessed Value
$99,145
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Byng, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74820 | $234,865 | $241,212 | $324,292 | $391,497 | $428,776 |
Source: Ownwell
Property Tax Bills Across Byng, Oklahoma
Property tax bills in Byng, located in Pontotoc County, Oklahoma, are calculated based on the assessed value of a property. This assessed value is a percentage of the property's market value, determined by the county assessor. Homeowners in Byng typically see tax bills that reflect the local tax rate applied to this assessed value. For example, the 25th percentile tax bill is around $2,118, while the 75th percentile tax bill reaches approximately $2,445. At the higher end, the 90th percentile tax bill can climb to $3,293. These tax bills can significantly impact homeowners, as they represent a recurring annual expense. When compared to the national median property tax rate of 0.99%, Byng's property tax rates offer a perspective on the local tax burden. The highest median tax bill in the area is $2,270, found in the 74820 zip code, which underscores the variability within the region. Understanding these factors can help homeowners better anticipate their financial obligations and plan accordingly.
Average Byng Tax Bill
$2,270
Average Pontotoc County Tax Bill
$821
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Byng, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74820 | $2,067 | $2,118 | $2,270 | $2,445 | $3,293 |
Source: Ownwell