Francis, Oklahoma Property Taxes
The median property tax rate in Francis, OK is 0.87%, 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 Francis at $37,087, the typical annual property tax bill is $273, significantly below the national median of $2,690. Property taxes in Francis 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 Francis'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 Francis 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
Francis, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.87%
Estimate Property Tax Bill
$323
Ownwell’s FRANCIS Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FRANCIS with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FRANCIS 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 Francis, Oklahoma
Property taxes in Francis, Oklahoma, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Francis is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Francis annually set these rates, which can vary significantly across different neighborhoods. Each year, Francis estimates its required budget to maintain services for the upcoming fiscal year and 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 Francis's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74844 has both the highest and the lowest median property tax rate in the area, standing at 0.87%. Understanding how these areas compare with Francis 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 Francis Tax Rate
0.87%
Average Pontotoc County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Francis, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74844 | 0.33% | 0.71% | 0.87% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Francis, Oklahoma
In Francis, 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 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 Francis, 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 Francis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Francis, the median home price is $37,087. The highest median tax bill is $273 in the 74844 zip code, while the lowest median tax bill is also $273 in the same zip code.
Average Francis Assessed Value
$37,087
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 Francis, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74844 | $18,688 | $28,938 | $37,087 | $68,255 | $75,016 |
Source: Ownwell
Property Tax Bills Across Francis, Oklahoma
In Francis, located in Pontotoc County, OK, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the home's market value. For example, with a median home price of $37,087, the property tax rate in Pontotoc County determines the exact tax bill for homeowners. Several factors influence the final tax bill, including property size, location, and any applicable exemptions. For instance, tax bills in the 25th percentile are around $197, while those in the 75th percentile reach approximately $577. The highest median tax bill recorded in the area is $273, which is significantly lower than the national median property tax rate of 0.99%. These taxes fund essential public services such as schools, infrastructure, and emergency services. Homeowners in Francis benefit from relatively low property tax rates, making it an attractive location for those looking to minimize their annual housing expenses.
Average Francis Tax Bill
$273
Average Pontotoc County Tax Bill
$821
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Francis, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74844 | $38 | $197 | $273 | $577 | $708 |
Source: Ownwell