Texhoma, Texas County, Oklahoma Property Taxes
The median property tax rate in Texhoma, OK is 0.70%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $84,403 in Texhoma, the typical annual property tax bill amounts to $533, significantly below the national median of $2,690. Property taxes in Texhoma are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Texhoma'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 Texhoma 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
Texhoma, Texas County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$591
$548
Ownwell’s Texhoma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Texhoma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Texhoma 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 Texhoma, Texas County, Oklahoma
Property taxes in Texhoma, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Texhoma is 0.70%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Texhoma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Texhoma 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 Texhoma's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73949 zip code has the highest median property tax rate of 0.70%, while the same zip code also has the lowest median tax rate of 0.70%. Understanding how these cities compare with Texhoma provides valuable insights into the varying tax landscape across Texas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Texhoma Tax Rate
0.70%
Average Texas County Tax Rate
0.69%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Texhoma, Texas County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73949 | 0.34% | 0.51% | 0.70% | 1.02% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Texhoma, Texas County, Oklahoma
In Texhoma, 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 Texhoma, 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 example, the median home price in Texhoma is $84,403, with tax bills ranging from $316 at the 25th percentile to $1,615 at the 90th percentile. Notably, the zip code 73949 has both the highest and lowest median tax bill at $533. 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 Texhoma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Texhoma, Texas County, Oklahoma
Source: Ownwell
$69,960
$95,504
$121,048
Average Texhoma Assessed Value
$84,403
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 Texhoma, Texas County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73949 | $39,742 | $55,864 | $84,403 | $124,939 | $186,564 |
Source: Ownwell
Property Tax Bills Across Texhoma, Texas County, Oklahoma
In Texhoma, Oklahoma, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate set by Texas County. For example, with a median home price of $84,403, the property tax bill can vary significantly. Homeowners in the 25th percentile of tax bills pay around $316, while those in the 75th percentile pay approximately $980. At the 90th percentile, the tax bill can reach up to $1,615. Several factors influence these variations, including the property's assessed value, any applicable exemptions, and the specific tax rate for the area. The highest and lowest median tax bills in Texhoma are both $533, indicating a uniformity in certain areas. Compared to the national median property tax rate of 0.99%, Texhoma's rates can be more favorable, providing some financial relief to homeowners. Understanding these factors helps homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Texhoma Tax Bill
$533
Average Texas County Tax Bill
$698
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Texhoma, Texas County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73949 | $183 | $316 | $533 | $980 | $1,615 |
Source: Ownwell