Hammon, Oklahoma Property Taxes
The median property tax rate in Hammon, OK is 0.77%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Hammon, the typical annual property tax bill amounts to $586, significantly below the national median of $2,690. Property taxes in Hammon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hammon'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 Hammon or another part of Roger Mills County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hammon, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$599
Ownwell’s Hammon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hammon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hammon 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 Hammon, Oklahoma
Property taxes in Hammon, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hammon is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Hammon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hammon 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 Hammon's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73650 zip code has the highest median property tax rate of 0.77%, while the same 73650 zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Hammon 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 Hammon Tax Rate
0.77%
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 Hammon, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73650 | 0.40% | 0.59% | 0.77% | 0.92% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Hammon, Oklahoma
In Hammon, 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 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 Hammon, 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. For instance, the highest median tax bill in the area is $586 in zip code 73650, which is also the lowest median tax bill. Being aware of these valuation processes in Hammon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hammon Assessed Value
$77,757
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 Hammon, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73650 | $24,374 | $46,672 | $77,757 | $147,772 | $240,651 |
Source: Ownwell
Property Tax Bills Across Hammon, Oklahoma
In Hammon, located in Roger Mills 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 Hammon is $77,757. Property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as local government budgets, school funding needs, and public services play a role in setting these rates. For homeowners, this means that their tax bills can vary significantly. The 25th percentile tax bill in Hammon is $265, while the 75th percentile is $1,253, and the 90th percentile reaches $2,123. This variability can impact household budgeting and financial planning. Compared to the national median property tax rate of 0.99%, Hammon's property tax rates are relatively moderate, offering some relief to homeowners. However, understanding these fluctuations is crucial for effective financial management and long-term planning.
Average Hammon Tax Bill
$586
Average Roger Mills County Tax Bill
$507
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Hammon, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73650 | $139 | $265 | $586 | $1,253 | $2,123 |
Source: Ownwell