Monkey Island, Oklahoma Property Taxes
The median property tax rate in Monkey Island, OK is 0.92%, slightly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Monkey Island at $337,800, the typical annual property tax bill reaches $2,958, surpassing the national median of $2,690. Property taxes in Monkey Island 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 Monkey Island'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 Monkey Island 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
Monkey Island, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$3,108
Ownwell’s Monkey Island Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monkey Island with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monkey Island 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 Monkey Island, Oklahoma
Property taxes in Monkey Island, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monkey Island is 0.92%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Monkey Island set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monkey Island 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 Monkey Island's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 74331 has the highest median property tax rate of 0.92%, while the same zip code also has the lowest median tax rate of 0.92%. Understanding how these areas compare with Monkey Island provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monkey Island Tax Rate
0.92%
Average Delaware County Tax Rate
0.78%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monkey Island, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74331 | 0.64% | 0.86% | 0.92% | 1.01% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Monkey Island, Oklahoma
In Monkey Island, 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 Delaware 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 Monkey Island, 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 Monkey Island helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 74331 has the highest and lowest median tax bill at $2,958, reflecting the localized nature of property tax assessments in this area.
Average Monkey Island Assessed Value
$337,800
Average Delaware County Assessed Value
$141,764
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monkey Island, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74331 | $13,932 | $109,019 | $337,800 | $440,462 | $661,967 |
Source: Ownwell
Property Tax Bills Across Monkey Island, Oklahoma
In Monkey Island, Oklahoma, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The county assessor determines this assessed value, taking into account factors such as the property's location, size, and condition. For instance, with a median home price of $337,800, the property tax rate in Delaware County significantly impacts homeowners. The tax bill varies widely, with the 25th percentile at $1,006 and the 75th percentile reaching $4,115. At the 90th percentile, homeowners could see tax bills as high as $6,394. This range illustrates how different factors, including property improvements and local tax rates, influence the final amount owed. Compared to the national median property tax rate of 0.99%, Monkey Island's tax bills reflect the local economic conditions and property values. Understanding these factors can help homeowners better anticipate their financial obligations and plan accordingly.
Average Monkey Island Tax Bill
$2,958
Average Delaware County Tax Bill
$1,031
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Monkey Island, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74331 | $111 | $1,006 | $2,958 | $4,115 | $6,394 |
Source: Ownwell