Mill Creek, Johnston County, Oklahoma Property Taxes
The median property tax rate in Mill Creek, OK is 0.68%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Mill Creek at $51,267, the typical annual property tax bill is $304, which is well below the national median of $2,690. Property taxes in Mill Creek are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Mill Creek's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Mill Creek 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
Mill Creek, Johnston County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$349
$324
Ownwell’s Mill Creek Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mill Creek with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mill Creek 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 Mill Creek, Johnston County, Oklahoma
Property taxes in Mill Creek, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mill Creek is 0.55%, significantly lower than both the Oklahoma state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Mill Creek set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mill Creek 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 Mill Creek's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74856 has both the highest and lowest median property tax rate of 0.55%, as it is the only data point available. Understanding how these cities compare with Mill Creek provides valuable insights into the varying tax landscape across Johnston County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mill Creek Tax Rate
0.68%
Average Johnston County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mill Creek, Johnston County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74856 | 0.34% | 0.50% | 0.68% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Mill Creek, Johnston County, Oklahoma
In Mill Creek, 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 Johnston 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 Mill Creek 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. The median home price in Mill Creek is $51,267, with tax bills ranging from $171 at the 25th percentile to $1,016 at the 90th percentile. The highest and lowest median tax bills in the area are both $304, found in the 74856 zip code. Being aware of these valuation processes in Mill Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Mill Creek, Johnston County, Oklahoma
Source: Ownwell
$41,274
$82,711
$124,147
Average Mill Creek Assessed Value
$51,267
Average Johnston County Assessed Value
$84,611
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mill Creek, Johnston County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74856 | $16,912 | $28,539 | $51,267 | $100,025 | $147,906 |
Source: Ownwell
Property Tax Bills Across Mill Creek, Johnston County, Oklahoma
In Mill Creek, Johnston County, OK, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and is a percentage of the home's market value. For instance, with a median home price of $51,267, the tax bill can vary significantly. Homeowners in the 25th percentile pay around $171 annually, while those in the 75th percentile see bills closer to $586. The 90th percentile tax bill can reach up to $1,016. Several factors influence the tax bill, including property size, location, and improvements. These taxes fund essential public services like schools, roads, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Mill Creek's rates reflect the local economic conditions and funding needs. Understanding these factors helps homeowners anticipate their annual expenses and the contribution they make to their community.
Average Mill Creek Tax Bill
$304
Average Johnston County Tax Bill
$521
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Mill Creek, Johnston County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74856 | $102 | $171 | $304 | $586 | $1,016 |
Source: Ownwell