Bunch, Oklahoma Property Taxes
The median property tax rate in Bunch, OK is 0.56%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $61,140 in Bunch, the typical annual property tax bill is $350, which is well below the national median of $2,690. Property taxes in Bunch are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Bunch's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you reside in the heart of Bunch or another part of Adair County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bunch, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$342
Ownwell’s Bunch Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bunch with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bunch 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 Bunch, Oklahoma
Property taxes in Bunch, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bunch is 0.56%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Bunch set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bunch 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 Bunch's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74931 zip code has the same median property tax rate of 0.56%. Understanding how these cities compare with Bunch provides valuable insights into the varying tax landscape across Adair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bunch Tax Rate
0.56%
Average Adair County Tax Rate
0.69%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bunch, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74931 | 0.19% | 0.31% | 0.56% | 0.79% | 0.88% |
Source: Ownwell
Property Tax Assessment Values Across Bunch, Oklahoma
In Bunch, 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 Adair 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. 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 Bunch helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest and lowest median tax bill in Bunch is 74931, with a median tax bill of $350.
Average Bunch Assessed Value
$61,140
Average Adair County Assessed Value
$66,022
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bunch, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74931 | $8,801 | $37,507 | $61,140 | $104,164 | $170,849 |
Source: Ownwell
Property Tax Bills Across Bunch, Oklahoma
In Bunch, Adair County, OK, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this assessed value. The median home price in Bunch is $61,140, which serves as a basis for calculating property taxes. Homeowners in the 25th percentile of tax bills pay around $212, while those in the 75th percentile face a tax bill of about $516. At the 90th percentile, the tax bill can reach up to $787. The highest and lowest median tax bills in the area are both $350, as indicated for the zip code 74931. These tax bills impact homeowners by influencing their annual financial planning and potentially affecting the affordability of homeownership. Compared to the national median property tax rate of 0.99%, Bunch's property tax rates offer a relatively moderate financial burden on homeowners. Understanding these factors can help residents better manage their property-related expenses and plan for the future.
Average Bunch Tax Bill
$350
Average Adair County Tax Bill
$421
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Bunch, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74931 | $117 | $212 | $350 | $516 | $787 |
Source: Ownwell