Hollis, Oklahoma Property Taxes
The median property tax rate in Hollis, OK is 1.09%, higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $30,263 in Hollis, the typical annual property tax bill is $299, which is significantly lower than the national median of $2,690. Property taxes in Hollis 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 Hollis'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 Hollis 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
Hollis, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$330
Ownwell’s Hollis Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Hollis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hollis to provide an estimate of 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 Hollis, Oklahoma
Property taxes in Hollis, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hollis is 1.09%, which is higher than the U.S. national median of 0.99%. Local government entities within Hollis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hollis 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 Hollis's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73550 has both the highest and lowest median property tax rate of 1.09%. Understanding how these cities compare with Hollis provides valuable insights into the varying tax landscape across Harmon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hollis Tax Rate
1.09%
Average Harmon County Tax Rate
1.09%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hollis, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73550 | 0.58% | 0.82% | 1.09% | 1.19% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Hollis, Oklahoma
In Hollis, 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 Harmon 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. Assessment notices in Hollis 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. For instance, the median home price in Hollis is $30,263, with tax bills ranging from $135 at the 25th percentile to $1,130 at the 90th percentile. The highest and lowest median tax bills are both $299 in the 73550 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hollis Assessed Value
$30,263
Average Harmon County Assessed Value
$33,150
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hollis, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73550 | $8,188 | $16,638 | $30,263 | $57,756 | $111,107 |
Source: Ownwell
Property Tax Bills Across Hollis, Oklahoma
In Hollis, property tax bills are calculated based on the assessed value of a home, which is determined by the Harmon County Assessor's Office. The assessed value is a percentage of the market value of the property. Once the assessed value is established, it is multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Hollis, the median home price is $30,263, and property tax bills can vary significantly. For example, the 25th percentile tax bill is around $135, while the 75th percentile reaches up to $618. At the higher end, the 90th percentile tax bill can be as much as $1,130. These figures indicate a range of tax burdens depending on the property's assessed value and specific local factors. Compared to the national median property tax rate of 0.99%, Hollis homeowners experience a diverse range of tax bills that can impact their financial planning and housing affordability.
Average Hollis Tax Bill
$299
Average Harmon County Tax Bill
$322
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Hollis, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73550 | $76 | $135 | $299 | $618 | $1,130 |
Source: Ownwell