Harmon, Oklahoma Property Taxes
The median property tax rate in Harmon, OK is 0.73%, 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 Harmon at $25,992, the typical annual property tax bill amounts to $189, significantly below the national median of $2,690. Property taxes in Harmon 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 Harmon'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 Harmon or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Harmon, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$190
Ownwell’s Harmon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Harmon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Harmon 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 Harmon, Oklahoma
Property taxes in Harmon, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Harmon is 0.48%, significantly lower than the Oklahoma state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Harmon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Harmon 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 Harmon's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code with the highest median property tax rate in Harmon County has a median property tax rate of 0.48%, while the zip code with the lowest median tax rate also stands at 0.48%. Understanding how these rates compare with Harmon provides valuable insights into the varying tax landscape across Harmon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Harmon Tax Rate
0.73%
Average Ellis County Tax Rate
0.89%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Harmon, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73832 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Harmon, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Harmon, 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 Ellis County Assessor's Office 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 Harmon, 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. Interestingly, Harmon has a uniform median tax bill of $189 across all zip codes, including 73832. This consistency simplifies the process for property owners, making it easier to manage and plan for their annual tax obligations. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Harmon Assessed Value
$25,992
Average Ellis County Assessed Value
$64,405
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Harmon, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73832 | $25,992 | $25,992 | $25,992 | $25,992 | $25,992 |
Source: Ownwell
Property Tax Bills Across Harmon, Oklahoma
In Harmon, located in Ellis County, OK, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the county assessor, who evaluates the market value of the property and then applies an assessment ratio to arrive at the assessed value. This assessed value is then multiplied by the local tax rate to calculate the property tax bill. For example, with a median home price of $25,992 in Harmon, homeowners can expect their tax bills to be relatively modest. The median tax bill in this area is $189, which is significantly lower than the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable in Harmon compared to other parts of the country. Factors such as property improvements, neighborhood changes, and local government budgets can affect the assessed value and, consequently, the tax bill. For homeowners, understanding these factors is crucial as they directly impact annual expenses and long-term financial planning.
Average Harmon Tax Bill
$189
Average Ellis County Tax Bill
$539
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Harmon, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73832 | $189 | $189 | $189 | $189 | $189 |
Source: Ownwell