Allen, Pontotoc County, Oklahoma Property Taxes
The median property tax rate in Allen, OK is 0.88%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Allen at $63,881, the typical annual property tax bill is $478, significantly less than the national median of $2,690. Property taxes in Allen 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 Allen'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 Allen 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
Allen, Pontotoc County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.88%
Estimate Property Tax Bill
$562
$522
Ownwell’s Allen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Allen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Allen 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 Allen, Pontotoc County, Oklahoma
Property taxes in Allen, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Allen is 0.88%, which is lower than the U.S. national median of 0.99%. Local government entities within Allen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Allen 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 Allen's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74825 has both the highest and lowest median property tax rate of 0.88%. Understanding how these areas compare with Allen provides valuable insights into the varying tax landscape across Pontotoc County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Allen Tax Rate
0.88%
Average Pontotoc County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Allen, Pontotoc County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74825 | 0.42% | 0.61% | 0.88% | 1.11% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Allen, Pontotoc County, Oklahoma
In Allen, 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 Pontotoc County Assessor's Office 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 Allen, 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. For instance, the median home price in Allen is $63,881, with tax bills ranging from $248 at the 25th percentile to $1,569 at the 90th percentile. The zip code with the highest median tax bill is 74825, where the median tax bill is $478. 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 Allen helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Allen, Pontotoc County, Oklahoma
Source: Ownwell
$37,087
$78,952
$120,816
Average Allen Assessed Value
$63,881
Average Pontotoc County Assessed Value
$99,145
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Allen, Pontotoc County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74825 | $17,759 | $32,178 | $63,881 | $110,000 | $183,528 |
Source: Ownwell
Property Tax Bills Across Allen, Pontotoc County, Oklahoma
Property tax bills in Allen, Pontotoc County, OK, are calculated based on the assessed value of a property, which is derived from its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. In Allen, the median home price is $63,881. Homeowners in the 25th percentile pay approximately $248 annually, while those in the 75th percentile face a tax bill of around $911. At the 90th percentile, the tax bill can reach up to $1,569. Factors such as property improvements, changes in market conditions, and local government budgets can influence the assessed value and, consequently, the tax bill. Compared to the national median property tax rate of 0.99%, Allen's rates offer some relief to homeowners. However, the tax burden can still vary significantly depending on the specific value of the property and the applicable exemptions. Understanding these elements helps homeowners anticipate and manage their property tax obligations effectively.
Average Allen Tax Bill
$478
Average Pontotoc County Tax Bill
$821
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Allen, Pontotoc County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74825 | $132 | $248 | $478 | $911 | $1,569 |
Source: Ownwell