Mounds, Oklahoma Property Taxes
The median property tax rate in Mounds, OK is 0.93%, slightly below both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Mounds at $112,143, the typical annual property tax bill amounts to $896, which is significantly lower than the national median of $2,690. Property taxes in Mounds are calculated based on the assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Mounds' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Mounds or another part of Creek County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mounds, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$1,043
Ownwell’s Mounds Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mounds with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mounds 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 Mounds, Oklahoma
Property taxes in Mounds, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mounds is 0.93%, slightly below the U.S. national median of 0.99%. Local government entities within Mounds set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mounds 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 Mounds' effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74047 has the highest median property tax rate of 0.93%, while the same zip code also has the lowest median tax rate of 0.93%. Understanding how these cities compare with Mounds provides valuable insights into the varying tax landscape across Creek County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mounds Tax Rate
0.93%
Average Creek County Tax Rate
0.88%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mounds, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74047 | 0.51% | 0.74% | 0.93% | 1.08% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Mounds, Oklahoma
In Mounds, 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 Creek 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 Mounds, 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 Mounds helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 74047 has both the highest and lowest median tax bill at $896.
Average Mounds Assessed Value
$112,143
Average Creek County Assessed Value
$130,263
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mounds, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74047 | $19,937 | $57,886 | $112,143 | $203,847 | $354,644 |
Source: Ownwell
Property Tax Bills Across Mounds, Oklahoma
In Mounds, OK, property tax bills are calculated based on the assessed value of a home, which is determined by the Creek County Assessor's Office. The assessed value is a percentage of the market value of the property. Homeowners in Mounds face property tax bills that vary significantly, reflecting the diverse property values in the area. For instance, the 25th percentile tax bill stands at $448, while the 75th percentile reaches $1,879, and the 90th percentile can go up to $3,388. These tax bills directly impact homeowners by influencing their annual financial planning and overall cost of homeownership. The median home price in Mounds is $112,143, and with a median tax rate of 0.99%, homeowners can expect a median tax bill around $896, aligning with the national median property tax rate. This calculation ensures that property taxes are fairly distributed, taking into account both the value of the property and the needs of the local government to fund public services.
Average Mounds Tax Bill
$896
Average Creek County Tax Bill
$1,080
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Mounds, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74047 | $181 | $448 | $896 | $1,879 | $3,388 |
Source: Ownwell