Hennepin, Oklahoma Property Taxes
The median property tax rate in Hennepin, OK is 0.52%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Hennepin, the typical annual property tax bill reaches $668, significantly below the national median of $2,690. Property taxes in Hennepin are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hennepin'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 Hennepin 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
Hennepin, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.52%
Estimate Property Tax Bill
$635
Ownwell’s Hennepin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hennepin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hennepin 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 Hennepin, Oklahoma
Property taxes in HENNEPIN, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in HENNEPIN is 0.52%, which is lower than the U.S. national median of 0.99%. Local government entities within HENNEPIN set these rates annually, and they can vary significantly across different neighborhoods. Each year, HENNEPIN 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 HENNEPIN's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73444 has both the highest and lowest median property tax rate of 0.52%. Understanding how these cities compare with HENNEPIN provides valuable insights into the varying tax landscape across Carter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hennepin Tax Rate
0.52%
Average Carter County Tax Rate
0.85%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hennepin, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73444 | 0.19% | 0.41% | 0.52% | 0.69% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Hennepin, Oklahoma
In Hennepin, 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 local 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. Assessment notices in Hennepin 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 Hennepin 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 73444, at $668, while the lowest is also 73444, reflecting the uniformity in tax bills within the area.
Average Hennepin Assessed Value
$122,022
Average Carter County Assessed Value
$117,168
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hennepin, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73444 | $39,942 | $64,085 | $122,022 | $210,136 | $357,462 |
Source: Ownwell
Property Tax Bills Across Hennepin, Oklahoma
In Hennepin, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. The median home price in the area is $122,022, and property tax rates are applied to this assessed value to determine the tax bill. Factors such as property location, improvements, and local tax rates play a significant role in the final calculation. For homeowners, this means that the tax bill can vary widely. For instance, the tax bill at the 25th percentile is $236, while at the 75th percentile, it rises to $1,200, and at the 90th percentile, it can reach up to $2,688. These variations can significantly impact household budgets, making it essential for homeowners to understand how their property taxes are calculated. Compared to the national median property tax rate of 0.99%, Hennepin's rates and resulting tax bills can offer both lower and higher financial burdens depending on individual property assessments.
Average Hennepin Tax Bill
$668
Average Carter County Tax Bill
$941
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Hennepin, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73444 | $88 | $236 | $668 | $1,200 | $2,688 |
Source: Ownwell