Porum, Muskogee County, Oklahoma Property Taxes
The median property tax rate in Porum, Oklahoma is 0.50%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $77,976 in Porum, the typical annual property tax bill is around $370, which is well below the national median of $2,690. Property taxes in Porum are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as the primary residence and agricultural exemptions. Understanding Porum's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to notable annual savings. Whether you're in the heart of Porum or another part of Muskogee County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Porum, Muskogee County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$390
$362
Ownwell’s Porum Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Porum with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Porum 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 Porum, Muskogee County, Oklahoma
Property taxes in Porum, Oklahoma, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Porum is 0.50%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Porum set these rates annually, and they can vary significantly across different neighborhoods. Each year, Porum 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 Porum's effective property tax rate to other regions in Oklahoma and the national median. For comparison, the zip code 74455 has both the highest and lowest median property tax rate of 0.50%. Understanding how these areas compare with Porum provides valuable insights into the varying tax landscape across Muskogee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Porum Tax Rate
0.50%
Average Muskogee County Tax Rate
0.91%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Porum, Muskogee County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74455 | 0.19% | 0.34% | 0.50% | 0.70% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Porum, Muskogee County, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Porum, Oklahoma. 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 Muskogee 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 Porum, 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 Porum helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 74455 has the highest and lowest median tax bills, both at $370, reflecting the uniformity in property tax assessments within the area.
Property Tax Assessment Values Across Porum, Muskogee County, Oklahoma
Source: Ownwell
$41,021
$94,180
$147,338
Average Porum Assessed Value
$77,976
Average Muskogee County Assessed Value
$87,404
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Porum, Muskogee County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74455 | $20,230 | $39,031 | $77,976 | $125,320 | $183,392 |
Source: Ownwell
Property Tax Bills Across Porum, Muskogee County, Oklahoma
In Porum, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is typically a percentage of the market value of the property. Factors such as the size of the property, its location within Muskogee County, and any improvements made to the property can influence the assessed value. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Homeowners in Porum can expect their property tax bills to vary significantly. For instance, the 25th percentile tax bill is around $164, while the 75th percentile tax bill reaches up to $684. At the higher end, the 90th percentile tax bill can be as much as $1,135. With the national median property tax rate at 0.99%, homeowners in Porum generally experience a lower tax burden, making it an attractive location for property investment. These tax bills directly impact homeowners by influencing their overall housing costs and financial planning.
Average Porum Tax Bill
$370
Average Muskogee County Tax Bill
$663
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Porum, Muskogee County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74455 | $53 | $164 | $370 | $684 | $1,135 |
Source: Ownwell