Tishomingo, Oklahoma Property Taxes
The median property tax rate in Tishomingo, OK is 0.71%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Tishomingo at $93,294, the typical annual property tax bill is $612, significantly below the national median of $2,690. Property taxes in Tishomingo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Tishomingo'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 Tishomingo 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
Tishomingo, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$662
Ownwell’s Tishomingo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tishomingo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tishomingo 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 Tishomingo, Oklahoma
Property taxes in Tishomingo, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tishomingo is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Tishomingo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tishomingo 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 Tishomingo's effective property tax rate to other regions in Oklahoma and the national median. For comparison, Tishomingo has a uniform median property tax rate of 0.71%, as reflected across all zip codes within the city. Understanding how these rates compare with neighboring areas provides valuable insights into the varying tax landscape across Johnston County, helping homeowners gain a clearer picture of their property tax obligations relative to other regions.
Average Tishomingo Tax Rate
0.71%
Average Johnston County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tishomingo, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73460 | 0.38% | 0.52% | 0.71% | 0.93% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Tishomingo, Oklahoma
In Tishomingo, 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 Johnston 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 Tishomingo, 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 Tishomingo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Tishomingo, the highest and lowest median tax bills are both $612.00, found in zip code 73460.
Average Tishomingo Assessed Value
$93,294
Average Johnston County Assessed Value
$84,611
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Tishomingo, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73460 | $36,963 | $58,421 | $93,294 | $145,073 | $222,105 |
Source: Ownwell
Property Tax Bills Across Tishomingo, Oklahoma
In Tishomingo, located in Johnston County, OK, 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 Tishomingo is $93,294, and property tax rates are applied to this assessed value to determine the tax bill. Several factors influence the final tax amount, including the property's location, its assessed value, and any applicable exemptions or deductions. Homeowners in Tishomingo can expect a wide range of tax bills. The 25th percentile tax bill is $357, while the 75th percentile tax bill reaches $1,030. For those at the higher end, the 90th percentile tax bill is $1,784. These amounts are relatively lower compared to the national median property tax rate of 0.99%, making Tishomingo an attractive location for homeowners seeking lower property tax burdens. Understanding these factors helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Tishomingo Tax Bill
$612
Average Johnston County Tax Bill
$521
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Tishomingo, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73460 | $216 | $357 | $612 | $1,030 | $1,784 |
Source: Ownwell