Guymon, Oklahoma Property Taxes
The median property tax rate in Guymon, OK is 0.74%, 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 $121,048 in Guymon, the typical annual property tax bill amounts to $804, significantly below the national median of $2,690. Property taxes in Guymon are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Guymon'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 Guymon 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
Guymon, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$896
Ownwell’s Guymon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Guymon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Guymon 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 Guymon, Oklahoma
Property taxes in Guymon, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Guymon is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Guymon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Guymon 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 Guymon's effective property tax rate to other regions in Oklahoma and the national median. For comparison, the zip code 73942 has the highest median property tax rate of 0.74%, while the same zip code also has the lowest median tax rate of 0.74%. Understanding how these figures compare with Guymon provides valuable insights into the consistent tax landscape across Texas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Guymon Tax Rate
0.74%
Average Texas County Tax Rate
0.69%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Guymon, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73942 | 0.38% | 0.54% | 0.74% | 0.87% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Guymon, Oklahoma
In Guymon, 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 Texas 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 Guymon, 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. For instance, the median home price in Guymon is $121,048, with tax bills ranging from $471 at the 25th percentile to $1,866 at the 90th percentile. Being aware of these valuation processes in Guymon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Guymon Assessed Value
$121,048
Average Texas County Assessed Value
$112,882
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Guymon, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73942 | $53,176 | $78,139 | $121,048 | $174,734 | $236,218 |
Source: Ownwell
Property Tax Bills Across Guymon, Oklahoma
In Guymon, property tax bills are calculated based on the assessed value of a home, which is derived from the market value. For example, with a median home price of $121,048, the property tax rate in Texas County, Oklahoma, plays a crucial role in determining the final tax bill. The tax rate in this region is notably 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 any applicable exemptions. Homeowners in Guymon typically see tax bills ranging from $471 at the 25th percentile to $1,866 at the 90th percentile. The highest median tax bill recorded in the area is $804, specifically in the 73942 zip code. These property tax bills significantly impact homeowners by influencing their annual housing costs. Lower property taxes can make homeownership more affordable, thereby attracting more residents to the area. Conversely, higher tax bills can increase the financial burden on homeowners.
Average Guymon Tax Bill
$804
Average Texas County Tax Bill
$698
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Guymon, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73942 | $273 | $471 | $804 | $1,303 | $1,866 |
Source: Ownwell