Bunch, Oklahoma Property Taxes
The median property tax rate in Bunch, OK is 0.69%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Bunch, the typical annual property tax bill amounts to $379, significantly below the national median of $2,690. Property taxes in Bunch 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 Bunch'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 Bunch or another part of Cherokee County, understanding 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
0.69%
Estimate Property Tax Bill
$431
Ownwell’s Bunch Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Bunch, Cherokee County. By simply entering your property's estimated assessed value, the calculator utilizes the median tax rate in Bunch to provide an accurate property tax estimate. This valuable insight helps you understand your potential tax liabilities. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is crucial for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Bunch, Oklahoma
Property taxes in Bunch, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bunch is 0.69%, 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 areas in Oklahoma and the national median. For comparison, the 74931 zip code has the highest median property tax rate of 0.69%, while the same zip code also has the lowest median tax rate of 0.69%. Understanding how these areas compare with Bunch provides valuable insights into the varying tax landscape across Cherokee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bunch Tax Rate
0.69%
Average Cherokee County Tax Rate
0.83%
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 | 0.34% | 0.51% | 0.69% | 0.79% | 0.79% |
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 Cherokee 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 Bunch, 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. The zip code with the highest median tax bill in Bunch is 74931, with a median tax bill of $379.00, while the lowest median tax bill is also in the same zip code, highlighting uniformity in tax burdens.
Average Bunch Assessed Value
$62,464
Average Cherokee County Assessed Value
$95,710
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 | $1,617 | $30,050 | $62,464 | $88,708 | $133,360 |
Source: Ownwell
Property Tax Bills Across Bunch, Oklahoma
In Bunch, Cherokee County, OK, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of the market value. Homeowners in Bunch can expect their tax bills to vary significantly, with the 25th percentile at $178 and the 75th percentile at $600. The tax bill can reach up to $920 for those in the 90th percentile. The median home price in Bunch is $62,464, which influences the assessed value and, consequently, the tax bill. Factors such as property location, size, and any improvements made to the property are considered when determining the assessed value. The median property tax rate in Bunch is in line with the national median property tax rate of 0.99%, making it relatively affordable for homeowners. However, fluctuations in assessed values and tax rates can impact the financial burden on homeowners, emphasizing the importance of understanding local property tax regulations.
Average Bunch Tax Bill
$379
Average Cherokee County Tax Bill
$703
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 | N/A | $178 | $379 | $600 | $920 |
Source: Ownwell