Fanshawe, Oklahoma Property Taxes
The median property tax rate in Fanshawe, OK is 0.60%, which is significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $41,732, the typical annual property tax bill in Fanshawe is $217, far below the national median of $2,690. Property taxes in Fanshawe are calculated based on the assessed value, which is often less than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Fanshawe'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 Fanshawe or another part of Le Flore County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fanshawe, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$250
Ownwell’s Fanshawe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fanshawe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fanshawe 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 Fanshawe, Oklahoma
Property taxes in Fanshawe, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fanshawe is 0.60%, which is lower than the U.S. national median of 0.99%. Local government entities within Fanshawe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fanshawe 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 Fanshawe's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74935 has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Fanshawe provides valuable insights into the varying tax landscape across Le Flore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fanshawe Tax Rate
0.60%
Average Le Flore County Tax Rate
0.80%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fanshawe, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74935 | 0.33% | 0.43% | 0.60% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Fanshawe, Oklahoma
In Fanshawe, 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 Le Flore 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. 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 Fanshawe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 74935 has the highest median tax bill of $217, while the lowest median tax bill is also $217 in the same zip code.
Average Fanshawe Assessed Value
$41,732
Average Le Flore County Assessed Value
$72,264
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fanshawe, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74935 | $27,159 | $34,348 | $41,732 | $77,322 | $135,281 |
Source: Ownwell
Property Tax Bills Across Fanshawe, Oklahoma
In Fanshawe, Le Flore County, OK, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. The median home price in Fanshawe is $41,732, and the tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property location, home improvements, and land size can influence the assessed value. Homeowners in Fanshawe can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $106, while at the 75th percentile, it rises to $566. The 90th percentile tax bill reaches $997, showing the range of potential tax obligations. The highest median tax bill recorded in the area is $217, which is consistent across the 74935 zip code. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. Comparatively, the property tax rate in Fanshawe is lower than the national median property tax rate of 0.99%, offering some financial relief to homeowners.
Average Fanshawe Tax Bill
$217
Average Le Flore County Tax Bill
$517
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Fanshawe, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74935 | $104 | $106 | $217 | $566 | $997 |
Source: Ownwell