Indiahoma, Oklahoma Property Taxes
The median property tax rate in Indiahoma, OK is 0.89%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $81,073 in Indiahoma, the typical annual property tax bill amounts to $744, significantly less than the national median of $2,690. Property taxes in Indiahoma are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Indiahoma'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 Indiahoma 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
Indiahoma, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$722
Ownwell’s Indiahoma Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Indiahoma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Indiahoma to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities, giving you a clearer financial picture. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any exemptions that may apply.
Property Tax Rates Across Indiahoma, Oklahoma
Property taxes in Indiahoma, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Indiahoma is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Indiahoma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Indiahoma 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 Indiahoma's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the highest and lowest median property tax rates within the same zip code of 73552 are both 0.89%. Understanding how these areas compare with Indiahoma provides valuable insights into the varying tax landscape across Tillman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Indiahoma Tax Rate
0.89%
Average Tillman County Tax Rate
0.98%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Indiahoma, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73552 | 0.85% | 0.86% | 0.89% | 0.92% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Indiahoma, Oklahoma
In Indiahoma, 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 Tillman 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 Indiahoma, 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 median home price in Indiahoma is $81,073, with tax bills ranging from $561 at the 25th percentile to $1,037 at the 90th percentile. The highest and lowest median tax bill in the area is $744, found in the 73552 zip code. Being aware of these valuation processes in Indiahoma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Indiahoma Assessed Value
$81,073
Average Tillman County Assessed Value
$29,168
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Indiahoma, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73552 | $52,483 | $63,204 | $81,073 | $98,942 | $109,663 |
Source: Ownwell
Property Tax Bills Across Indiahoma, Oklahoma
In Indiahoma, located in Tillman County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Indiahoma is $81,073. Tax assessors determine the assessed value, which is then multiplied by the local tax rate to calculate the annual tax bill. For homeowners in Indiahoma, the tax bills vary significantly. The 25th percentile tax bill is $561, while the 75th percentile tax bill is $927, and the 90th percentile tax bill reaches up to $1,037. These figures illustrate the range of property tax burdens within the community. Compared to the national median property tax rate of 0.99%, Indiahoma's tax rates can be seen as more favorable, offering some relief to homeowners. However, the impact of these taxes on homeowners can vary widely depending on the assessed value of their property and the specific tax rate applied. Understanding these factors is crucial for homeowners to manage their financial planning effectively.
Average Indiahoma Tax Bill
$744
Average Tillman County Tax Bill
$271
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Indiahoma, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73552 | $451 | $561 | $744 | $927 | $1,037 |
Source: Ownwell