Park Hill, Oklahoma Property Taxes
The median property tax rate in Park Hill, OK is 0.86%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Park Hill being $84,341, the typical annual property tax bill is $610, significantly less than the national median of $2,690. Property taxes in Park Hill are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural use. By understanding Park Hill's property tax system and exploring available exemptions, homeowners and real estate investors can identify opportunities for reductions and achieve substantial annual savings. Whether you're in the heart of Park Hill or another part of Cherokee County, gaining insight into the local property tax system can be highly beneficial.
Last Updated June 14, 2024
Park Hill, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$725
Ownwell’s PARK HILL Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in PARK HILL with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in PARK HILL 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 Park Hill, Oklahoma
Property taxes in Park Hill, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Park Hill is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Park Hill set these rates annually, and they can vary significantly across different neighborhoods. Each year, Park Hill 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 Park Hill's effective property tax rate to other regions in Oklahoma and the national median. For comparison, the highest median property tax rate in Cherokee County is also 0.86%, found in the zip code 74451, while the lowest median tax rate is similarly 0.86% in the same zip code. Understanding how these areas compare with Park Hill 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 Park Hill Tax Rate
0.86%
Average Cherokee County Tax Rate
0.83%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Park Hill, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74451 | 0.43% | 0.70% | 0.86% | 0.86% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Park Hill, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Park Hill, 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 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 Park Hill, 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 Park Hill helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Park Hill are both $610, found in the 74451 zip code.
Average Park Hill Assessed Value
$84,341
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 Park Hill, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74451 | $20,000 | $42,609 | $84,341 | $141,374 | $229,017 |
Source: Ownwell
Property Tax Bills Across Park Hill, Oklahoma
In Park Hill, Cherokee County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate, known as the millage rate, is then applied to this assessed value to determine the tax bill. Various factors influence this calculation, including the home's location, size, and any applicable exemptions. For homeowners in Park Hill, the median home price is $84,341. Property tax bills can vary significantly, with the 25th percentile at $286 and the 75th percentile reaching $1,136. At the 90th percentile, homeowners might pay as much as $1,929. This variation highlights the impact of property value and local tax rates on individual tax bills. Compared to the national median property tax rate of 0.99%, Park Hill's property taxes can be relatively manageable, but they still represent a significant annual expense for homeowners. Understanding these factors is crucial for homeowners looking to budget effectively and potentially appeal their property tax assessments.
Average Park Hill Tax Bill
$610
Average Cherokee County Tax Bill
$703
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Park Hill, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74451 | $121 | $286 | $610 | $1,136 | $1,929 |
Source: Ownwell