Putnam, Oklahoma Property Taxes
The median property tax rate in Putnam, OK is 0.63%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Putnam, the typical annual property tax bill reaches $496, significantly below the national median of $2,690. Property taxes in Putnam 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 Putnam'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 Putnam 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
Putnam, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$633
Ownwell’s Putnam Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Putnam with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Putnam 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 Putnam, Oklahoma
Property taxes in Putnam, Oklahoma, are essential for funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Putnam is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Putnam set these rates annually, and they can vary significantly across different neighborhoods. Each year, Putnam 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. Understanding how Putnam's effective property tax rate compares to other regions provides valuable insights into the varying tax landscape across Dewey County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Putnam Tax Rate
0.63%
Average Dewey County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Putnam, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73659 | 0.31% | 0.47% | 0.63% | 0.70% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Putnam, Oklahoma
In Putnam, 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 Dewey 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 Putnam, 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 Putnam helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Dewey County is $496 in the 73659 zip code, while the lowest is also $496 in the same zip code.
Average Putnam Assessed Value
$100,478
Average Dewey County Assessed Value
$78,646
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Putnam, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73659 | $27,348 | $47,029 | $100,478 | $187,325 | $257,210 |
Source: Ownwell
Property Tax Bills Across Putnam, Oklahoma
In Putnam, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The median home price in Putnam is $100,478. Local tax authorities multiply the assessed value by the local tax rate to determine the annual tax bill. Factors such as property location, home improvements, and neighborhood amenities can influence the assessed value. For homeowners in Putnam, property tax bills can vary significantly. The 25th percentile tax bill is $232, while the 75th percentile reaches $1,162. At the 90th percentile, homeowners might pay as much as $1,525. These figures indicate a broad range of tax burdens, reflecting differences in property values and assessment practices. Compared to the national median property tax rate of 0.99%, Putnam's property taxes can be relatively moderate, but the exact impact on homeowners depends on individual property assessments and local tax rates. This variability underscores the importance of understanding local property tax policies and their implications for homeowners.
Average Putnam Tax Bill
$496
Average Dewey County Tax Bill
$505
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Putnam, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73659 | $99 | $232 | $496 | $1,162 | $1,525 |
Source: Ownwell