Hennessey, Oklahoma Property Taxes
The median property tax rate in Hennessey, OK is 0.68%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $129,816 in Hennessey, the typical annual property tax bill is $856, significantly below the national median of $2,690. Property taxes in Hennessey are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Hennessey'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 Hennessey or another part of Kingfisher County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hennessey, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$883
Ownwell’s Hennessey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hennessey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hennessey 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 Hennessey, Oklahoma
Property taxes in Hennessey, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hennessey is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Hennessey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hennessey 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 Hennessey's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73742 zip code has the highest median property tax rate of 0.68%, while the same 73742 zip code also has the lowest median tax rate of 0.68%. Understanding how these areas compare with Hennessey provides valuable insights into the varying tax landscape across Kingfisher County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hennessey Tax Rate
0.68%
Average Kingfisher County Tax Rate
0.84%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hennessey, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73742 | 0.41% | 0.53% | 0.68% | 0.83% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Hennessey, Oklahoma
In Hennessey, 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 Kingfisher 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 Hennessey, 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. For instance, the median home price in Hennessey is $129,816, with tax bills ranging from $509 at the 25th percentile to $2,289 at the 90th percentile. The zip code 73742 has the highest median tax bill, amounting to $856. By understanding 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 Hennessey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hennessey Assessed Value
$129,816
Average Kingfisher County Assessed Value
$150,533
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hennessey, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73742 | $55,164 | $85,365 | $129,816 | $200,572 | $313,004 |
Source: Ownwell
Property Tax Bills Across Hennessey, Oklahoma
In Hennessey, Kingfisher County, OK, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. The local tax rate, which is applied to this assessed value, determines the final tax bill. The median home price in Hennessey is $129,816, and the median property tax bill is $856. Several factors influence the tax bill, including property size, location, and any applicable exemptions. For instance, tax bills in the 25th percentile are around $509, while those in the 75th percentile can reach $1,346. Homeowners in the 90th percentile might see tax bills as high as $2,289. These property taxes fund essential local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Hennessey's property taxes are relatively moderate, making it an appealing location for homeowners seeking affordability.
Average Hennessey Tax Bill
$856
Average Kingfisher County Tax Bill
$1,129
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Hennessey, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73742 | $280 | $509 | $856 | $1,346 | $2,289 |
Source: Ownwell