Fort Towson, Oklahoma Property Taxes
The median property tax rate in Fort Towson, OK 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 $91,676 in Fort Towson, the typical annual property tax bill is around $455, well below the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Fort Towson's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Fort Towson or another part of Pushmataha County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fort Towson, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$458
-$4,804
Ownwell’s Fort Towson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fort Towson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fort Towson 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 Fort Towson, Oklahoma
Property taxes in Fort Towson, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fort Towson 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 Fort Towson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fort Towson 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 Fort Towson's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74735 has both the highest and lowest median property tax rate of 0.50%. Understanding how these areas compare with Fort Towson provides valuable insights into the varying tax landscape across Pushmataha County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fort Towson Tax Rate
0.50%
Average Pushmataha County Tax Rate
0.56%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fort Towson, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74735 | 0.24% | 0.38% | 0.50% | 0.60% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Fort Towson, Oklahoma
In Fort Towson, 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 Pushmataha 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 Fort Towson, 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 Fort Towson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both stand at $455 in the 74735 zip code.
Average Fort Towson Assessed Value
$91,676
Average Pushmataha County Assessed Value
$75,969
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fort Towson, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74735 | $33,843 | $65,918 | $91,676 | $129,815 | $171,944 |
Source: Ownwell
Property Tax Bills Across Fort Towson, Oklahoma
In Fort Towson, Pushmataha County, OK, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. For homeowners in Fort Towson, the median home price is $91,676, which serves as the basis for tax calculations. The tax rate in this region is applied to the assessed value to determine the annual property tax bill. Factors such as property improvements, changes in market conditions, and local government budgets can influence the assessed value and, consequently, the tax bill. Homeowners in Fort Towson can expect a wide range of tax bills. For instance, the 25th percentile tax bill is around $267, while the 75th percentile tax bill reaches $656. At the higher end, the 90th percentile tax bill can be as much as $840. Understanding these factors and their impact on property taxes is crucial for homeowners, as it affects their annual financial planning and the overall cost of owning a home in Fort Towson.
Average Fort Towson Tax Bill
$455
Average Pushmataha County Tax Bill
$395
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Fort Towson, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74735 | $131 | $267 | $455 | $656 | $840 |
Source: Ownwell