Mountain Park, Oklahoma Property Taxes
The median property tax rate in Mountain Park, Oklahoma is 0.91%, slightly below both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Mountain Park, the typical annual property tax bill reaches $1,502, which is less than the national median of $2,690. Property taxes in Mountain Park 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 Mountain 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 Mountain Park or another part of Comanche County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mountain Park, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$1,437
Ownwell’s Mountain Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mountain Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mountain 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 Mountain Park, Oklahoma
Property taxes in Mountain 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 Mountain Park is 0.62%, which is lower than both the Oklahoma state median of 0.90% and the U.S. national median of 0.99%. Local government entities within Mountain Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mountain 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. Comparing Mountain Park's effective property tax rate to other counties in Oklahoma and the national median offers valuable insights. For comparison, the zip code 73559 has the highest median property tax rate of 0.62%, while the same zip code also has the lowest median tax rate of 0.62%. Understanding how these cities compare with Mountain Park provides valuable insights into the varying tax landscape across Kiowa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mountain Park Tax Rate
0.91%
Average Comanche County Tax Rate
1.15%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mountain Park, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73559 | 0.66% | 0.88% | 0.91% | 0.95% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Mountain Park, Oklahoma
In Mountain 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 Mountain 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. For instance, the median home price in Mountain Park is $157,957, with the 25th percentile tax bill at $514 and the 75th percentile tax bill at $1,859. The highest and lowest median tax bills are both $1,502, corresponding to zip code 73559. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mountain Park Assessed Value
$157,957
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 Mountain Park, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73559 | $48,183 | $52,169 | $157,957 | $204,417 | $349,917 |
Source: Ownwell
Property Tax Bills Across Mountain Park, Oklahoma
In Mountain Park, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The median home price in Mountain Park is $157,957, and the assessed value is then multiplied by the local tax rate to determine the tax bill. For homeowners, this means that the property tax bill can vary significantly depending on the value of their property. For example, the 25th percentile tax bill is $514, while the 75th percentile tax bill is $1,859, and the 90th percentile tax bill reaches $3,259. These variations highlight how different factors such as property size, location, and market conditions can impact the overall tax burden. Compared to the national median property tax rate of 0.99%, the tax rates in Mountain Park can be considered relatively moderate. Homeowners in Mountain Park should be aware of these factors as they can influence their annual financial planning and overall property investment strategy.
Average Mountain Park Tax Bill
$1,502
Average Comanche County Tax Bill
$997
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Mountain Park, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73559 | $327 | $514 | $1,502 | $1,859 | $3,259 |
Source: Ownwell