Kenefic, Oklahoma Property Taxes
The median property tax rate in Kenefic, OK is 0.62%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Kenefic at $122,132, the typical annual property tax bill is $568, considerably less than the national median of $2,690. Property taxes in Kenefic are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Kenefic'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 Kenefic 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
Kenefic, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.62%
Estimate Property Tax Bill
$757
Ownwell’s Kenefic Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kenefic with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kenefic 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 Kenefic, Oklahoma
Property taxes in Kenefic, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kenefic is 0.62%, which is lower than the U.S. national median of 0.99%. Local government entities within Kenefic set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kenefic 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 Kenefic's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74748 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 areas compare with Kenefic provides valuable insights into the varying tax landscape across Atoka County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kenefic Tax Rate
0.62%
Average Atoka County Tax Rate
0.71%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kenefic, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74748 | 0.23% | 0.41% | 0.62% | 0.78% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Kenefic, Oklahoma
In Kenefic, 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 Atoka 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 Kenefic, 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. For instance, the median home price in Kenefic is $122,132, with tax bills ranging from $278 at the 25th percentile to $1,965 at the 90th percentile. Notably, the highest and lowest median tax bills, both at $568, are found in the 74748 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kenefic Assessed Value
$122,132
Average Atoka County Assessed Value
$86,760
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kenefic, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74748 | $37,165 | $71,881 | $122,132 | $191,804 | $278,196 |
Source: Ownwell
Property Tax Bills Across Kenefic, Oklahoma
In Kenefic, located in Atoka County, OK, property tax bills are calculated based on the assessed value of a home. This assessed value is a percentage of the home's market value, which is determined by the local tax assessor. For example, with a median home price of $122,132, the assessed value is used to calculate the property tax owed. Factors such as property size, location, and improvements are considered in determining this value. Homeowners in Kenefic can expect varying property tax bills depending on their property's assessed value. Tax bills in the 25th percentile are around $278, while those in the 75th percentile reach approximately $1300. For higher-valued properties, the tax bill can go up to $1965, as seen in the 90th percentile. Compared to the national median property tax rate of 0.99%, Kenefic's property taxes can be relatively manageable for many homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances accordingly.
Average Kenefic Tax Bill
$568
Average Atoka County Tax Bill
$584
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Kenefic, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74748 | $138 | $278 | $568 | $1,300 | $1,965 |
Source: Ownwell