Hennessey, Oklahoma Property Taxes
The median property tax rate in Hennessey, OK is 1.20%, which is higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Hennessey at $54,540, the typical annual property tax bill amounts to $618, significantly lower than the national median of $2,690. Property taxes in Hennessey are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like 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 the city, 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
1.2%
Estimate Property Tax Bill
$654
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 0.87%, lower than both the Oklahoma state median of 0.90% and 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 highest median property tax rate in Oklahoma is 0.90%, while the lowest median tax rate is 0.87%. Understanding how these cities 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
1.20%
Average Garfield County Tax Rate
1.14%
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 | 0.89% | 1.13% | 1.20% | 1.30% | 1.31% |
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 Garfield 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. 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 Hennessey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Hennessey is $618.00 in the 73742 zip code, while the lowest median tax bill is also $618.00 in the same zip code.
Average Hennessey Assessed Value
$54,540
Average Garfield County Assessed Value
$94,470
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 | $37,078 | $40,830 | $54,540 | $87,440 | $175,286 |
Source: Ownwell
Property Tax Bills Across Hennessey, Oklahoma
Property tax bills in Hennessey, located in Garfield County, OK, are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the property's market value, with local authorities determining the rate. For homeowners in Hennessey, the median home price stands at $54,540. The property tax rate in this region is relatively low compared to the national median property tax rate of 0.99%. Homeowners in Hennessey can expect their tax bills to vary. For instance, those in the 25th percentile pay around $489 annually, while those in the 75th percentile see bills closer to $972. At the higher end, the 90th percentile tax bill reaches $1,942. These taxes fund essential public services like schools, infrastructure, and emergency services, directly impacting the community's quality of life. Understanding these factors helps homeowners anticipate their financial obligations and the benefits they receive from their contributions.
Average Hennessey Tax Bill
$618
Average Garfield County Tax Bill
$950
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 | $419 | $489 | $618 | $972 | $1,942 |
Source: Ownwell