Byars, Oklahoma Property Taxes
The median property tax rate in Byars, OK is 1.05%, slightly higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Byars, the typical annual property tax bill reaches $805, which is significantly lower than the national median of $2,690. Property taxes in Byars are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Byars' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Byars or another part of Pontotoc County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Byars, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$904
Ownwell’s Byars Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Byars with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Byars 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 Byars, Oklahoma
Property taxes in Byars, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Byars is 0.75%, notably lower than both the Oklahoma state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Byars set these rates annually, and they can vary significantly across different neighborhoods. Each year, Byars 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 Byars' effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74831 zip code has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Byars 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 Byars Tax Rate
1.05%
Average Pontotoc County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Byars, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74831 | 0.60% | 0.86% | 1.05% | 1.12% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Byars, Oklahoma
In Byars, 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 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 Byars, 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 Byars helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 74831, with a value of $805, while the lowest is also 74831 at $805.
Average Byars Assessed Value
$86,122
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 Byars, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74831 | $40,279 | $53,042 | $86,122 | $122,023 | $171,392 |
Source: Ownwell
Property Tax Bills Across Byars, Oklahoma
In Byars, Pontotoc County, OK, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The county's tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence this, including the home's location, its market value, and any applicable exemptions or deductions. For instance, the median home price in Byars is $86,122. Homeowners in Byars can expect their tax bills to vary significantly. The 25th percentile tax bill is around $510, while those in the 75th percentile pay approximately $1,170. At the higher end, the 90th percentile tax bill reaches $2,207. The highest and lowest median tax bills in Byars are both $805, reflecting a relatively uniform tax rate within the zip code 74831. Compared to the national median property tax rate of 0.99%, Byars offers a more affordable tax environment, which can be a significant advantage for homeowners.
Average Byars Tax Bill
$805
Average Pontotoc County Tax Bill
$821
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Byars, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74831 | $344 | $510 | $805 | $1,170 | $2,207 |
Source: Ownwell