Mountain Park, Oklahoma Property Taxes
The median property tax rate in Mountain Park, OK is 0.84%, 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 $26,296, the typical annual property tax bill in Mountain Park amounts to $178, significantly below the national median of $2,690. Property taxes in Mountain Park are calculated based on the assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. 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 the city, grasping 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
0.84%
Estimate Property Tax Bill
$221
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, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mountain Park is 0.84%, which is lower than 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. The data below compares Mountain Park's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73559 has the highest median property tax rate of 0.84%, while it also has the lowest median tax rate of 0.84%. 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
0.84%
Average Kiowa County Tax Rate
0.85%
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 | 0.38% | 0.59% | 0.84% | 0.95% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Mountain Park, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mountain Park, Oklahoma. 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 Kiowa County 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. 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 $26,296, with tax bills ranging from $84 at the 25th percentile to $757 at the 90th percentile. Notably, the highest and lowest median tax bills are both $178 in 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 valuation processes in Mountain Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mountain Park Assessed Value
$26,296
Average Kiowa County Assessed Value
$46,198
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 | $7,394 | $14,998 | $26,296 | $49,650 | $98,273 |
Source: Ownwell
Property Tax Bills Across Mountain Park, Oklahoma
In Mountain Park, located in Kiowa County, OK, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can influence the assessed value, ultimately affecting the tax bill. For homeowners in Mountain Park, the median home price is $26,296. Property tax bills in the area vary widely, with the 25th percentile at $84 and the 75th percentile at $382. At the 90th percentile, tax bills can reach up to $757. The highest median tax bill in the region is $178, which is significantly lower than the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances effectively.
Average Mountain Park Tax Bill
$178
Average Kiowa County Tax Bill
$368
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 | $34 | $84 | $178 | $382 | $757 |
Source: Ownwell