Fittstown, Oklahoma Property Taxes
The median property tax rate in Fittstown, OK is 0.75%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Fittstown at $81,017, the typical annual property tax bill comes to $516, significantly below the national median of $2,690. Property taxes in Fittstown are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Fittstown'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 Fittstown or another part of Pontotoc County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fittstown, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$608
Ownwell’s Fittstown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fittstown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fittstown 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 Fittstown, Oklahoma
Property taxes in Fittstown, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fittstown is 0.75%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Fittstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fittstown 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 Fittstown's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74842 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these cities compare with Fittstown 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 Fittstown Tax Rate
0.75%
Average Pontotoc County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fittstown, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74842 | 0.39% | 0.59% | 0.75% | 1.05% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Fittstown, Oklahoma
In Fittstown, 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 Appraisal District 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 Fittstown, 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 Fittstown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 74842 has the highest and lowest median tax bill, both at $516.
Average Fittstown Assessed Value
$81,017
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 Fittstown, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74842 | $22,880 | $45,932 | $81,017 | $113,139 | $143,328 |
Source: Ownwell
Property Tax Bills Across Fittstown, Oklahoma
In Fittstown, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is determined by the Pontotoc County Assessor's office and is a percentage of the property's market value. For example, with a median home price of $81,017, homeowners can expect their property tax bill to vary significantly. Factors such as local tax rates and any applicable exemptions can influence the final tax amount. For instance, the 25th percentile tax bill in Fittstown is around $369, while the 75th percentile tax bill goes up to $896. At the higher end, the 90th percentile tax bill can reach $1,278. These property taxes fund essential community services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Fittstown's property tax rates can be considered relatively moderate, impacting homeowners by providing necessary public services without an overly burdensome tax bill.
Average Fittstown Tax Bill
$516
Average Pontotoc County Tax Bill
$821
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Fittstown, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74842 | $216 | $369 | $516 | $896 | $1,278 |
Source: Ownwell