Mangum, Harmon County, Oklahoma Property Taxes
The median property tax rate in Mangum, OK is 1.19%, higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Mangum at $74,226, the typical annual property tax bill reaches $932, which is lower than the national median of $2,690. Property taxes in Mangum 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 Mangum'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 Mangum 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
Mangum, Harmon County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.19%
Estimate Property Tax Bill
$883
$820
Ownwell’s Mangum Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mangum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mangum 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 Mangum, Harmon County, Oklahoma
Property taxes in Mangum, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mangum is 1.19%, significantly higher than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Mangum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mangum 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 Mangum's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73554 zip code has the highest median property tax rate of 1.19%, while the same zip code also has the lowest median tax rate of 1.19%. Understanding how these cities compare with Mangum provides valuable insights into the varying tax landscape across Harmon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mangum Tax Rate
1.19%
Average Harmon County Tax Rate
1.09%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mangum, Harmon County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73554 | 1.10% | 1.14% | 1.19% | 1.33% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Mangum, Harmon County, Oklahoma
In Mangum, 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 Harmon 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 Mangum, 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 Mangum helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Mangum is $932, found in zip code 73554, which is also the lowest median tax bill in the area.
Property Tax Assessment Values Across Mangum, Harmon County, Oklahoma
Source: Ownwell
$30,263
$52,245
$74,226
Average Mangum Assessed Value
$74,226
Average Harmon County Assessed Value
$33,150
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mangum, Harmon County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73554 | $21,289 | $37,404 | $74,226 | $100,202 | $136,016 |
Source: Ownwell
Property Tax Bills Across Mangum, Harmon County, Oklahoma
In Mangum, located in Harmon County, OK, property tax bills are determined by assessing the market value of a home and then applying the local tax rate to this assessed value. The median home price in Mangum is $74,226. Factors such as property size, location, and condition influence the assessed value. Homeowners in Mangum can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is $461, while the 75th percentile tax bill reaches $1,145. At the 90th percentile, the tax bill can go up to $1,638. The median tax bill in the area is $932, which is below the national median property tax rate of 0.99%. This relatively lower tax burden can make homeownership more affordable in Mangum compared to other regions. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Mangum Tax Bill
$932
Average Harmon County Tax Bill
$322
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Mangum, Harmon County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73554 | $253 | $461 | $932 | $1,145 | $1,638 |
Source: Ownwell