Hitchcock, Oklahoma Property Taxes
The median property tax rate in Hitchcock, OK is 0.79%, lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Hitchcock, the typical annual property tax bill reaches $410, significantly below the national median of $2,690. Property taxes in Hitchcock 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 Hitchcock'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 Hitchcock 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
Hitchcock, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$535
Ownwell’s Hitchcock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hitchcock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hitchcock 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 Hitchcock, Oklahoma
Property taxes in Hitchcock, Oklahoma, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hitchcock is 0.48%, lower than both the Oklahoma state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Hitchcock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hitchcock 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 Hitchcock's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73744 zip code has the highest median property tax rate of 0.87%, while the 73744 zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Hitchcock provides valuable insights into the varying tax landscape across Blaine County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hitchcock Tax Rate
0.79%
Average Blaine County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hitchcock, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73744 | 0.41% | 0.61% | 0.79% | 1.01% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Hitchcock, Oklahoma
In Hitchcock, 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 Blaine 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 Hitchcock, 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 Hitchcock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hitchcock is $67,681, with tax bills ranging from $242 at the 25th percentile to $1,845 at the 90th percentile. The highest and lowest median tax bills, both at $410, are found in zip code 73744.
Average Hitchcock Assessed Value
$67,681
Average Blaine County Assessed Value
$69,107
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hitchcock, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73744 | $19,437 | $31,812 | $67,681 | $122,430 | $186,423 |
Source: Ownwell
Property Tax Bills Across Hitchcock, Oklahoma
In Hitchcock, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the market value of the property, its location, and any improvements or renovations made to the home. For homeowners in Hitchcock, the median home price is $67,681. Property tax bills can vary significantly; at the 25th percentile, homeowners can expect to pay around $242, while at the 75th percentile, the tax bill can rise to $1,108. Those in the 90th percentile may see tax bills as high as $1,845. Comparatively, the national median property tax rate is 0.99%, making Hitchcock's rates relatively moderate. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Hitchcock Tax Bill
$410
Average Blaine County Tax Bill
$441
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Hitchcock, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73744 | $107 | $242 | $410 | $1,108 | $1,845 |
Source: Ownwell