Durant, Oklahoma Property Taxes
The median property tax rate in Durant, OK is 0.95%, slightly below both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Durant at $127,192, the typical annual property tax bill amounts to $1,127, which is lower than the national median of $2,690. Property taxes in Durant 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 Durant'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 Durant 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
Durant, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$1,208
Ownwell’s Durant Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Durant with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Durant 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 Bryan County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Durant, Oklahoma
Property taxes in Durant, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Durant is 0.95%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Durant set these rates annually, and they can vary significantly across different neighborhoods. Each year, Durant 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 Durant's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74701 zip code in Durant has both the highest and lowest median property tax rate of 0.95%. Understanding how these cities compare with Durant provides valuable insights into the varying tax landscape across Bryan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Durant Tax Rate
0.95%
Average Bryan County Tax Rate
0.83%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Durant, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74701 | 0.61% | 0.79% | 0.95% | 1.04% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Durant, Oklahoma
In Durant, 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 Bryan 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 Durant, 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 Durant helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 74701, with a value of $1,127, which is significantly lower compared to the national median property tax rate of 0.99%.
Average Durant Assessed Value
$127,192
Average Bryan County Assessed Value
$117,512
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Durant, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74701 | $42,833 | $70,364 | $127,192 | $208,117 | $290,002 |
Source: Ownwell
Property Tax Bills Across Durant, Oklahoma
Property tax bills in Durant, located in Bryan County, OK, are determined based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. For comparison, the national median property tax rate is 0.99%. Homeowners in Durant experience property tax bills that can vary significantly. For instance, the 25th percentile tax bill is around $590, while the 75th percentile reaches $1,869, and the 90th percentile can be as high as $2,646. The median home price in Durant is $127,192, which directly influences the assessed value and, consequently, the tax bill. Homeowners need to be aware that these taxes fund essential public services such as schools, infrastructure, and emergency services, impacting the community's overall well-being. Understanding how these factors interplay helps homeowners anticipate their financial obligations and plan accordingly.
Average Durant Tax Bill
$1,127
Average Bryan County Tax Bill
$903
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Durant, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74701 | $339 | $590 | $1,127 | $1,869 | $2,646 |
Source: Ownwell