Jennings, Oklahoma Property Taxes
The median property tax rate in Jennings, OK is 0.91%, slightly below both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Jennings at $227,843, the typical annual property tax bill amounts to $2,084, which is below the national median of $2,690. Property taxes in Jennings 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 Jennings' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Jennings 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
Jennings, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$2,073
Ownwell’s Jennings Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jennings with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jennings 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 Jennings, Oklahoma
Property taxes in Jennings, Oklahoma, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Jennings is 0.91%, which is lower than the U.S. national median of 0.99%. Local government entities within Jennings set these rates annually, and they can vary across different neighborhoods. Each year, Jennings 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 Jennings' effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 74038 has both the highest and lowest median property tax rate of 0.91%. Understanding how these areas compare with Jennings provides valuable insights into the varying tax landscape across McIntosh County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Jennings Tax Rate
0.91%
Average Mcintosh County Tax Rate
0.79%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jennings, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74038 | 0.91% | 0.91% | 0.91% | 0.91% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Jennings, Oklahoma
In Jennings, 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 McIntosh 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 Jennings, 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. The median home price in Jennings is $227,843, with the typical tax bill around $2,084. 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 Jennings helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Jennings Assessed Value
$227,843
Average Mcintosh County Assessed Value
$81,769
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Jennings, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74038 | $227,843 | $227,843 | $227,843 | $227,843 | $227,843 |
Source: Ownwell
Property Tax Bills Across Jennings, Oklahoma
In Jennings, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is a percentage of the market value of the home. For example, if the median home price is $227,843, the assessed value would be a fraction of this amount as determined by local regulations. The property tax rate in Jennings is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. Homeowners in Jennings face a median property tax bill of $2,084, which is comparable across different percentiles, indicating a consistent rate. This rate is significantly higher than the national median property tax rate of 0.99%, highlighting the importance for homeowners to understand their tax obligations. High property taxes can impact overall affordability and may influence decisions on property investments and homeownership in the area.
Average Jennings Tax Bill
$2,084
Average Mcintosh County Tax Bill
$586
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Jennings, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74038 | $2,084 | $2,084 | $2,084 | $2,084 | $2,084 |
Source: Ownwell