Pharoah, Oklahoma Property Taxes
The median property tax rate in Pharoah, OK is 0.86%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $32,455 in Pharoah, the typical annual property tax bill amounts to $280, significantly below the national median of $2,690. Property taxes in Pharoah 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 Pharoah'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 Pharoah 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
Pharoah, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$279
-$2,925
Ownwell’s Pharoah Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Pharoah with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Pharoah 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 Pharoah, Oklahoma
Property taxes in Pharoah, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Pharoah is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Pharoah set these rates annually, and they can vary significantly across different neighborhoods. Each year, Pharoah 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 Pharoah's effective property tax rate to other areas and the national median. For comparison, the zip code 74880 within Okfuskee County has the highest median property tax rate of 0.86%, while the same zip code also has the lowest median tax rate of 0.86%. Understanding how these areas compare with Pharoah provides valuable insights into the varying tax landscape across Okfuskee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Pharoah Tax Rate
0.86%
Average Okfuskee County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Pharoah, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74880 | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Pharoah, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Pharoah, Oklahoma. The market value reflects the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the local 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 Pharoah, 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. In Pharoah, the median home price is $32,455, with the median tax bill being $280. Notably, the highest and lowest median tax bills are both $280 in the 74880 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Pharoah Assessed Value
$32,455
Average Okfuskee County Assessed Value
$65,362
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Pharoah, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74880 | $32,455 | $32,455 | $32,455 | $32,455 | $32,455 |
Source: Ownwell
Property Tax Bills Across Pharoah, Oklahoma
In Pharoah, located in Okfuskee County, OK, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Pharoah is $32,455. Property taxes are then applied to this assessed value using the local tax rate. In Pharoah, the median property tax bill is consistently $280, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the assessed value of the property and local tax rates. For homeowners, this means that property taxes in Pharoah are relatively predictable and stable, with the 25th, 75th, and 90th percentile tax bills all being $280. This consistency provides a degree of financial predictability for homeowners, making it easier to budget for annual expenses. Homeowners in Pharoah benefit from one of the lowest property tax burdens in the nation, which can make homeownership more affordable in this region.
Average Pharoah Tax Bill
$280
Average Okfuskee County Tax Bill
$424
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Pharoah, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74880 | $280 | $280 | $280 | $280 | $280 |
Source: Ownwell