Tatums, Carter County, Oklahoma Property Taxes
The median property tax rate in Tatums, OK is 0.35%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Tatums, the typical annual property tax bill is $279, substantially below the national median of $2,690. Property taxes in Tatums are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Tatums' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Tatums or another part of Carter County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tatums, Carter County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.35%
Estimate Property Tax Bill
$252
$234
Ownwell’s Tatums Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Tatums with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tatums to provide an estimate of your property tax bill. This intuitive tool helps you understand potential tax liabilities, enabling better financial planning. For those interested in more granular insights, you can scroll down to find localized information at the neighborhood level. Your property’s assessed value is determined by the county for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Tatums, Carter County, Oklahoma
Property taxes in Tatums, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tatums is 0.68%, higher than both the Oklahoma state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Tatums set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tatums 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 Tatums' effective property tax rate to other counties in Oklahoma and the national median. For comparison, the highest median property tax rate in Oklahoma is 1.21%, while the lowest median tax rate is 0.43%. Understanding how these cities compare with Tatums provides valuable insights into the varying tax landscape across Carter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Tatums Tax Rate
0.35%
Average Carter County Tax Rate
0.85%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tatums, Carter County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73487 | 0.28% | 0.30% | 0.35% | 0.41% | 0.61% |
Source: Ownwell
Property Tax Assessment Values Across Tatums, Carter County, Oklahoma
In Tatums, 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 Carter 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 Tatums, 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 Tatums helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Tatums stands at $72,042, with the highest median tax bill recorded at $279 in zip code 73487.
Property Tax Assessment Values Across Tatums, Carter County, Oklahoma
Source: Ownwell
$44,000
$111,464
$178,927
Average Tatums Assessed Value
$72,042
Average Carter County Assessed Value
$117,168
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tatums, Carter County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73487 | $35,486 | $52,619 | $72,042 | $91,375 | $147,773 |
Source: Ownwell
Property Tax Bills Across Tatums, Carter County, Oklahoma
In TATUMS, property tax bills are calculated based on the assessed value of a property, which is determined by the Carter County Assessor's office. The assessed value is a percentage of the market value of the home. For example, if the median home price in TATUMS is $72,042, the assessed value would be a fraction of this amount. The local tax rate is then applied to the assessed value to determine the annual property tax bill. Several factors influence the tax bill, including property location, size, and any applicable exemptions. Homeowners in TATUMS can expect tax bills to vary, with the 25th percentile tax bill around $174 and the 75th percentile reaching up to $442. The highest median tax bill in the area is $279, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable, but it's essential for homeowners to budget for these expenses accordingly.
Average Tatums Tax Bill
$279
Average Carter County Tax Bill
$941
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Tatums, Carter County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73487 | $95 | $174 | $279 | $442 | $496 |
Source: Ownwell