Bennington, Oklahoma Property Taxes
The median property tax rate in Bennington, OK is 0.66%, which is significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $98,101 in Bennington, the typical annual property tax bill amounts to $608, well below the national median of $2,690. Property taxes in Bennington are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bennington'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 Bennington or another part of Bryan County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bennington, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$647
Ownwell’s Bennington Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bennington with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Bennington to provide an estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in exploring trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Bennington, Oklahoma
Property taxes in Bennington, Oklahoma, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Bennington is 0.66%, which is lower than the U.S. national median of 0.99%. Local government entities within Bennington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bennington 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 Bennington's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74723 has the highest median property tax rate of 0.66%, while the same zip code also has the lowest median tax rate of 0.66%. Understanding how these cities compare with Bennington provides valuable insights into the varying tax landscape across Bryan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bennington Tax Rate
0.66%
Average Bryan County Tax Rate
0.83%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bennington, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74723 | 0.42% | 0.54% | 0.66% | 0.75% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Bennington, Oklahoma
In Bennington, 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 Bryan County Appraisal District 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 Bennington, 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 Bennington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Bennington is $608 in zip code 74723, which is also the lowest median tax bill.
Average Bennington Assessed Value
$98,101
Average Bryan County Assessed Value
$117,512
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bennington, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74723 | $35,468 | $59,499 | $98,101 | $158,820 | $248,510 |
Source: Ownwell
Property Tax Bills Across Bennington, Oklahoma
In Bennington, Bryan County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The county’s property tax rate is applied to this assessed value to determine the tax bill. Several factors influence the assessed value, including the home's location, size, and condition. The median home price in Bennington is $98,101, and homeowners can expect varying tax bills depending on their property's assessed value. For instance, the tax bill at the 25th percentile is $346, while at the 75th percentile, it is $1,089. At the 90th percentile, the tax bill can reach up to $1,724. The highest and lowest median tax bills in the area are both $608, located in the 74723 zip code. Compared to the national median property tax rate of 0.99%, Bennington's property tax rates can be seen as relatively moderate, offering some relief to homeowners in terms of annual costs.
Average Bennington Tax Bill
$608
Average Bryan County Tax Bill
$903
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Bennington, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74723 | $191 | $346 | $608 | $1,089 | $1,724 |
Source: Ownwell