Fitzhugh, Oklahoma Property Taxes
The median property tax rate in Fitzhugh, OK is 0.94%, slightly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Fitzhugh, the typical annual property tax bill reaches $964, well below the national median of $2,690. Property taxes in Fitzhugh are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fitzhugh'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 Fitzhugh or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fitzhugh, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$1,012
Ownwell’s Fitzhugh Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fitzhugh with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fitzhugh 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 Fitzhugh, Oklahoma
Property taxes in Fitzhugh, Oklahoma, are essential for funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Fitzhugh is 0.94%, which is slightly below the U.S. national median of 0.99%. Local government entities within Fitzhugh set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fitzhugh 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 Fitzhugh's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74843 zip code has both the highest and lowest median property tax rate of 0.94%. Understanding how these cities compare with Fitzhugh provides valuable insights into the varying tax landscape across Pontotoc County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fitzhugh Tax Rate
0.94%
Average Pontotoc County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fitzhugh, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74843 | 0.49% | 0.68% | 0.94% | 1.10% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Fitzhugh, Oklahoma
In Fitzhugh, 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 Pontotoc County Appraisal District 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 Fitzhugh, 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. The zip code 74843 has both the highest and lowest median tax bill at $964. Being aware of these valuation processes in Fitzhugh helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fitzhugh Assessed Value
$107,632
Average Pontotoc County Assessed Value
$99,145
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fitzhugh, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74843 | $35,418 | $57,805 | $107,632 | $188,678 | $253,807 |
Source: Ownwell
Property Tax Bills Across Fitzhugh, Oklahoma
In Fitzhugh, located in Pontotoc County, OK, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the property tax bill. For homeowners in Fitzhugh, the median home price stands at $107,632. Given the national median property tax rate of 0.99%, homeowners in Fitzhugh can expect their property tax bills to vary significantly. The 25th percentile of tax bills is $478, while the 75th percentile reaches $1,682. At the 90th percentile, tax bills can rise as high as $2,318. These figures illustrate the range of property tax burdens homeowners might face, influenced by factors such as property size, location, and any applicable exemptions. The highest median tax bill in the area is $964, found in the 74843 zip code, which also holds the lowest median tax bill, highlighting a relatively narrow range in property tax assessments within the region.
Average Fitzhugh Tax Bill
$964
Average Pontotoc County Tax Bill
$821
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Fitzhugh, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74843 | $258 | $478 | $964 | $1,682 | $2,318 |
Source: Ownwell