Hugo, Oklahoma Property Taxes
The median property tax rate in Hugo, OK is 0.80%, 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 Hugo, the typical annual property tax bill amounts to $377, significantly below the national median of $2,690. Property taxes in Hugo are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Hugo'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 Hugo 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
Hugo, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$430
Ownwell’s Hugo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hugo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hugo 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 Hugo, Oklahoma
Property taxes in Hugo, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hugo is 0.80%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Hugo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hugo 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 Hugo's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74743 zip code has the highest median property tax rate of 0.80%, while the same zip code also has the lowest median tax rate of 0.80%. Understanding how these cities compare with Hugo provides valuable insights into the varying tax landscape across Choctaw County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hugo Tax Rate
0.80%
Average Choctaw County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hugo, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74743 | 0.37% | 0.59% | 0.80% | 0.92% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Hugo, Oklahoma
In Hugo, 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 Choctaw 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 Hugo, 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 Hugo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Hugo is $53,782, with tax bills ranging from $206 at the 25th percentile to $1,156 at the 90th percentile. The highest and lowest median tax bills both occur in the 74743 zip code, at $377.
Average Hugo Assessed Value
$53,782
Average Choctaw County Assessed Value
$60,068
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hugo, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74743 | $17,335 | $30,732 | $53,782 | $87,866 | $146,668 |
Source: Ownwell
Property Tax Bills Across Hugo, Oklahoma
In Hugo, located in Choctaw County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Hugo is $53,782. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence the final amount, including local tax rates, property assessments, and any applicable exemptions or deductions. Homeowners in Hugo can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is around $206, while at the 75th percentile, it rises to $660. At the 90th percentile, it can reach up to $1,156. The highest and lowest median tax bills in Hugo are both $377, highlighting some consistency in certain areas. Compared to the national median property tax rate of 0.99%, Hugo's property tax bills reflect the unique economic and property value landscape of the region. This variability in property tax bills can significantly impact homeowners' financial planning and budgeting.
Average Hugo Tax Bill
$377
Average Choctaw County Tax Bill
$370
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Hugo, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74743 | $97 | $206 | $377 | $660 | $1,156 |
Source: Ownwell