Fairmont, Oklahoma Property Taxes
The median property tax rate in Fairmont, OK is 1.13%, considerably higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Fairmont at $80,660, the typical annual property tax bill reaches $821, which is below the national median of $2,690. Property taxes in Fairmont 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 Fairmont'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 Fairmont 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
Fairmont, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.13%
Estimate Property Tax Bill
$911
Ownwell’s Fairmont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fairmont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fairmont 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 Fairmont, Oklahoma
Property taxes in Fairmont, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fairmont is 1.13%, higher than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Fairmont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fairmont 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 Fairmont's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73736 zip code has the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these cities compare with Fairmont provides valuable insights into the varying tax landscape across Garfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fairmont Tax Rate
1.13%
Average Garfield County Tax Rate
1.14%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fairmont, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73736 | 0.52% | 0.88% | 1.13% | 1.29% | 1.29% |
Source: Ownwell
Property Tax Assessment Values Across Fairmont, Oklahoma
In Fairmont, 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 Garfield 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 Fairmont, 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 Fairmont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Fairmont is $821 in zip code 73736, while the lowest is also $821 in the same zip code.
Average Fairmont Assessed Value
$80,660
Average Garfield County Assessed Value
$94,470
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fairmont, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73736 | $13,040 | $39,865 | $80,660 | $133,885 | $195,488 |
Source: Ownwell
Property Tax Bills Across Fairmont, Oklahoma
In Fairmont, Garfield County, OK, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements significantly influence the market value and, consequently, the assessed value. For homeowners in Fairmont, the median home price is $80,660. The tax bills vary widely, with the 25th percentile at $439 and the 75th percentile at $1,398, indicating a broad range of property values and tax burdens. At the higher end, the 90th percentile tax bill reaches $2,250. These figures show that while some homeowners may pay modest amounts, others could face substantial tax bills. Understanding these factors and their impact is crucial for homeowners, as property taxes directly affect annual budgeting and long-term financial planning. Compared to the national median property tax rate of 0.99%, Fairmont's rates offer a unique perspective on local property tax dynamics.
Average Fairmont Tax Bill
$821
Average Garfield County Tax Bill
$950
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Fairmont, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73736 | $164 | $439 | $821 | $1,398 | $2,250 |
Source: Ownwell