Pocasset, Oklahoma Property Taxes
The median property tax rate in Pocasset, OK is 0.59%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Pocasset at $84,700, the typical annual property tax bill amounts to $576, which is well below the national median of $2,690. Property taxes in Pocasset 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 Pocasset'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 Pocasset 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
Pocasset, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$500
Ownwell’s POCASSET Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in POCASSET with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in POCASSET 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 Pocasset, Oklahoma
Property taxes in Pocasset, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pocasset is 0.59%, which is lower than both the Oklahoma state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Pocasset set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pocasset 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 Pocasset's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73079 zip code has the highest median property tax rate of 0.59%, while the same zip code also has the lowest median tax rate of 0.59%. Understanding how these cities compare with Pocasset provides valuable insights into the varying tax landscape across Caddo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pocasset Tax Rate
0.59%
Average Caddo County Tax Rate
0.63%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pocasset, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73079 | 0.35% | 0.41% | 0.59% | 0.81% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Pocasset, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Pocasset, 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 Caddo 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 Pocasset, 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 median home price in Pocasset is $84,700, with tax bills ranging from $282 at the 25th percentile to $1,758 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pocasset Assessed Value
$84,700
Average Caddo County Assessed Value
$58,902
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pocasset, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73079 | $39,194 | $55,300 | $84,700 | $161,476 | $217,156 |
Source: Ownwell
Property Tax Bills Across Pocasset, Oklahoma
In POCASSET, property tax bills are determined by multiplying the assessed value of a home by the local property tax rate. The assessed value is typically a percentage of the home's market value, which in this area has a median of $84,700. Local tax authorities then apply the tax rate to this assessed value to calculate the annual tax bill. Factors such as property size, location, and any applicable exemptions or abatements can influence the final amount. For homeowners in POCASSET, the property tax rate is a crucial factor. While the national median property tax rate stands at 0.99%, local variations can significantly impact the tax bill. For instance, the 25th percentile tax bill in the area is $282, while the 75th percentile reaches $1,104. At the higher end, the 90th percentile tax bill can be as much as $1,758. These figures illustrate the range of potential tax burdens homeowners might face, highlighting the importance of understanding how property taxes are calculated and managed in their locality.
Average Pocasset Tax Bill
$576
Average Caddo County Tax Bill
$341
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Pocasset, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73079 | $106 | $282 | $576 | $1,104 | $1,758 |
Source: Ownwell