Durham, Oklahoma Property Taxes
The median property tax rate in Durham, OK is 0.58%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Durham, the typical annual property tax bill reaches $512, which is far below the national median of $2,690. Property taxes in Durham 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 Durham'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 Durham or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Durham, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$554
Ownwell’s Durham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Durham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Durham 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 Durham, Oklahoma
Property taxes in Durham, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Durham is 0.58%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Durham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Durham 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 Durham's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73642 zip code has the highest median property tax rate of 0.58%, while the 73642 zip code also has the lowest median tax rate of 0.58%. Understanding how these cities compare with Durham provides valuable insights into the varying tax landscape across Roger Mills County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Durham Tax Rate
0.58%
Average Roger Mills County Tax Rate
0.65%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Durham, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73642 | 0.35% | 0.48% | 0.58% | 0.68% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Durham, Oklahoma
In Durham, 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 Roger Mills 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 Durham, 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 Durham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $512, found in zip code 73642.
Average Durham Assessed Value
$95,441
Average Roger Mills County Assessed Value
$80,498
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Durham, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73642 | $32,517 | $48,454 | $95,441 | $159,566 | $217,927 |
Source: Ownwell
Property Tax Bills Across Durham, Oklahoma
In Durham, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The tax rate in Durham's county, Roger Mills, is applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $95,441, homeowners can expect varying tax bills depending on the assessed value and applicable tax rate. The 25th percentile tax bill is $282, while the 75th percentile reaches $981, and the 90th percentile can go up to $1,406. These tax bills are influenced by local government budgets, school district funding, and public service needs. Homeowners in Durham should be aware that their tax obligations can significantly impact their annual expenses. The highest and lowest median tax bills in the county are both recorded at $512, indicating some consistency in tax assessments within certain areas. Comparatively, the national median property tax rate is 0.99%, highlighting how Durham's tax rates align with broader trends.
Average Durham Tax Bill
$512
Average Roger Mills County Tax Bill
$507
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Durham, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73642 | $191 | $282 | $512 | $981 | $1,406 |
Source: Ownwell