Porum, Oklahoma Property Taxes
The median property tax rate in Porum, OK is 0.85%, 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 Porum at $100,596, the typical annual property tax bill amounts to $754, significantly below the national median of $2,690. Property taxes in Porum 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 Porum'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 Porum or another part of McIntosh County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Porum, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$855
Ownwell’s Porum Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Porum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Porum to provide an estimate of your property tax bill. This valuable 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 McIntosh County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Porum, Oklahoma
Property taxes in Porum, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Porum is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Porum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Porum 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 Porum's effective property tax rate to other areas in McIntosh County and the national median. For comparison, the highest and lowest median property tax rates within the same zip code, 74455, are both 0.85%. Understanding how these cities compare with Porum provides valuable insights into the varying tax landscape across McIntosh County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Porum Tax Rate
0.85%
Average Mcintosh County Tax Rate
0.79%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Porum, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74455 | 0.51% | 0.69% | 0.85% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Porum, Oklahoma
In Porum, 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 McIntosh 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. For instance, the median home price in Porum is $100,596, with tax bills ranging from $383 at the 25th percentile to $2,468 at the 90th percentile. The zip code with the highest and lowest median tax bill is 74455, both at $754. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to manage their tax burden effectively.
Average Porum Assessed Value
$100,596
Average Mcintosh County Assessed Value
$81,769
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Porum, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74455 | $29,278 | $51,659 | $100,596 | $176,957 | $302,466 |
Source: Ownwell
Property Tax Bills Across Porum, Oklahoma
In Porum, located in McIntosh County, OK, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For instance, the median home price in Porum is $100,596. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Factors such as property improvements, neighborhood developments, and market trends can influence the assessed value, thereby affecting the tax bill. Homeowners in Porum can expect a wide range of property tax bills. The 25th percentile tax bill is around $383, while those in the 75th percentile pay approximately $1,366. At the higher end, the 90th percentile tax bill can reach up to $2,468. Comparatively, the median property tax rate nationwide is 0.99%, making Porum's property tax rates relatively moderate. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the community's quality of life.
Average Porum Tax Bill
$754
Average Mcintosh County Tax Bill
$586
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Porum, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74455 | $191 | $383 | $754 | $1,366 | $2,468 |
Source: Ownwell