Medicine Park, Oklahoma Property Taxes
The median property tax rate in Medicine Park, OK is 1.09%, slightly higher than both the national median of 0.99% and Oklahoma's state median of 0.97%. With the median home value in Medicine Park at $198,700, the typical annual property tax bill reaches $2,047, which is below the national median of $2,690. Property taxes in Medicine Park are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Medicine Park'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 Medicine Park 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
Medicine Park, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$2,166
Ownwell’s Medicine Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Medicine Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Medicine Park 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 Medicine Park, Oklahoma
Property taxes in Medicine Park, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Medicine Park is 0.51%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Medicine Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Medicine Park 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 Medicine Park's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73557 zip code has the highest median property tax rate of 0.51%, while the same zip code also has the lowest median tax rate of 0.51%. Understanding how these cities compare with Medicine Park provides valuable insights into the varying tax landscape across Comanche County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Medicine Park Tax Rate
1.09%
Average Comanche County Tax Rate
1.15%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Medicine Park, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73557 | 0.60% | 1.02% | 1.09% | 1.11% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Medicine Park, Oklahoma
In Medicine Park, 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 Comanche 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 Medicine Park, 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, Medicine Park has a median home price of $198,700, with the 25th percentile tax bill at $984 and the 75th percentile at $2,728. The highest median tax bill is $2,047 in the 73557 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Medicine Park Assessed Value
$198,700
Average Comanche County Assessed Value
$99,838
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Medicine Park, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73557 | $52,206 | $114,452 | $198,700 | $268,609 | $390,800 |
Source: Ownwell
Property Tax Bills Across Medicine Park, Oklahoma
In Medicine Park, located in Comanche County, OK, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and typically represents a percentage of the property's market value. For example, with a median home price of $198,700, the tax bill can vary significantly. Factors such as property improvements, location, and market conditions are considered in the assessment process. Homeowners in Medicine Park experience a range of property tax bills. At the 25th percentile, the tax bill is approximately $984, while at the 75th percentile, it rises to around $2,728. For those at the 90th percentile, the tax bill can reach up to $3,856. Comparing these figures to the national median property tax rate of 0.99%, Medicine Park's property taxes can be seen as relatively moderate. These taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, thereby enhancing the community's overall quality of life.
Average Medicine Park Tax Bill
$2,047
Average Comanche County Tax Bill
$997
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Medicine Park, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73557 | $477 | $984 | $2,047 | $2,728 | $3,856 |
Source: Ownwell