Forgan, Beaver County, Oklahoma Property Taxes
The median property tax rate in Forgan, OK is 0.69%, notably lower than both the national median of 0.99% and Oklahoma's state median of 0.97%. With a median home value of $65,000 in Forgan, the typical annual property tax bill amounts to $406, significantly below the national median of $2,690. Property taxes in Forgan 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 Forgan'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 Forgan or another part of Beaver County, mastering the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Forgan, Beaver County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.69%
Estimate Property Tax Bill
$449
$416
Ownwell’s Forgan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Forgan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Forgan 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 Forgan, Beaver County, Oklahoma
Property taxes in Forgan, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Forgan is 0.69%, which is lower than the U.S. national median of 0.99%. Local government entities within Forgan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Forgan 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 Forgan's effective property tax rate to other areas in Beaver County and the national median. For comparison, the zip code 73938 has both the highest and lowest median property tax rate in the region, standing at 0.69%. Understanding how these areas compare with Forgan provides valuable insights into the varying tax landscape across Beaver County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Forgan Tax Rate
0.69%
Average Beaver County Tax Rate
0.78%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Forgan, Beaver County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73938 | 0.41% | 0.53% | 0.69% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Forgan, Beaver County, Oklahoma
In Forgan, 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 Beaver 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 Forgan, 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 highest median tax bill in Forgan is $406 in the 73938 zip code, while the lowest is also $406 in the same zip code. 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 Forgan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Forgan, Beaver County, Oklahoma
Source: Ownwell
$59,849
$80,325
$100,801
Average Forgan Assessed Value
$65,000
Average Beaver County Assessed Value
$81,838
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Forgan, Beaver County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73938 | $21,000 | $34,544 | $65,000 | $103,144 | $167,751 |
Source: Ownwell
Property Tax Bills Across Forgan, Beaver County, Oklahoma
In Forgan, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $65,000, the assessed value is determined by local assessment rates. Once the assessed value is established, the tax rate, which varies within Beaver County, is applied to calculate the annual tax bill. Factors such as property improvements, neighborhood developments, and market trends can influence the assessed value, potentially increasing the tax burden for homeowners. For homeowners in Forgan, the tax burden can vary significantly. The 25th percentile tax bill is approximately $210, while the 75th percentile reaches around $711. At the 90th percentile, homeowners might face tax bills as high as $1,120. Comparing these to the national median property tax rate of 0.99%, Forgan's property tax bills are relatively modest, making it an attractive location for homeowners seeking lower property taxes. However, understanding these factors is crucial for homeowners to anticipate and manage their annual expenses effectively.
Average Forgan Tax Bill
$406
Average Beaver County Tax Bill
$600
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Forgan, Beaver County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73938 | $123 | $210 | $406 | $711 | $1,120 |
Source: Ownwell