Jennings, Oklahoma Property Taxes
The median property tax rate in Jennings, OK is 0.77%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $108,488 in Jennings, the typical annual property tax bill amounts to $700, significantly below the national median of $2,690. Property taxes in Jennings are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Jennings' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Jennings or another part of Creek County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jennings, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$835
Ownwell’s Jennings Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to effortlessly estimate their annual property taxes in Jennings using just two key data points. By inputting your property's estimated assessed value, the calculator utilizes the median tax rate in Jennings to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of your potential tax liabilities. For those interested in more granular insights, neighborhood-level trends are available further down the page. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Jennings, Oklahoma
Property taxes in Jennings, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Jennings is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Jennings set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jennings 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 Jennings' effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74038 zip code has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these areas compare with Jennings provides valuable insights into the varying tax landscape across Creek County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jennings Tax Rate
0.77%
Average Creek County Tax Rate
0.88%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jennings, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74038 | 0.36% | 0.58% | 0.77% | 0.93% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Jennings, Oklahoma
In Jennings, 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 Creek 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 Jennings, 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 Jennings helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Jennings is $700 in the 74038 zip code, while the lowest median tax bill is also $700 in the same zip code.
Average Jennings Assessed Value
$108,488
Average Creek County Assessed Value
$130,263
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jennings, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74038 | $28,841 | $59,704 | $108,488 | $186,886 | $296,332 |
Source: Ownwell
Property Tax Bills Across Jennings, Oklahoma
In Jennings, 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 Jennings is $108,488. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property improvements, local tax levies, and exemptions can influence the final amount. For homeowners in Jennings, property tax bills can vary significantly. The 25th percentile tax bill is around $375, while the 75th percentile tax bill reaches up to $1,516. At the 90th percentile, homeowners might see bills as high as $2,592. These figures highlight the range of property tax obligations within the community. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding how Jennings' property tax rates stack up. For residents, these taxes fund essential services like schools, infrastructure, and emergency services, directly impacting the quality of life in the area.
Average Jennings Tax Bill
$700
Average Creek County Tax Bill
$1,080
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Jennings, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74038 | $145 | $375 | $700 | $1,516 | $2,592 |
Source: Ownwell