Hitchcock, Oklahoma Property Taxes
The median property tax rate in Hitchcock, OK is 0.71%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Hitchcock at $116,644, the typical annual property tax bill amounts to $748, significantly below the national median of $2,690. Property taxes in Hitchcock are determined based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Hitchcock'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 Hitchcock or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hitchcock, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$828
Ownwell’s Hitchcock Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hitchcock with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hitchcock 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 Hitchcock, Oklahoma
Property taxes in Hitchcock, Oklahoma, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Hitchcock is 0.63%, which is lower than both the Oklahoma state median of 0.90% and the U.S. national median of 0.99%. Local government entities within Hitchcock set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hitchcock 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 Hitchcock's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73744 zip code has the highest median property tax rate of 0.71%, while the same 73744 zip code also has the lowest median tax rate of 0.71%. Understanding how these cities compare with Hitchcock 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 Hitchcock Tax Rate
0.71%
Average Kingfisher County Tax Rate
0.84%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hitchcock, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73744 | 0.54% | 0.55% | 0.71% | 0.89% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Hitchcock, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hitchcock, Oklahoma. 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 Kingfisher 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 Hitchcock, 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. For instance, the median home price in Hitchcock is $116,644, with tax bills ranging significantly. The 25th percentile tax bill is $652, while the 75th percentile tax bill is $1,870, and the 90th percentile tax bill reaches $3,819. The zip code with the highest and lowest median tax bill is 73744, with a median tax bill of $748. Being aware of these valuation processes in Hitchcock helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Hitchcock Assessed Value
$116,644
Average Kingfisher County Assessed Value
$150,533
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hitchcock, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73744 | $83,266 | $85,898 | $116,644 | $243,568 | $419,320 |
Source: Ownwell
Property Tax Bills Across Hitchcock, Oklahoma
Property tax bills in Hitchcock, Kingfisher County, OK, are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Hitchcock is $116,644. Local taxing authorities apply a tax rate to this assessed value to determine the tax bill. The national median property tax rate is 0.99%, but local rates can vary. Homeowners in Hitchcock can expect their property tax bills to fall within a range, with the 25th percentile at $652 and the 75th percentile at $1,870. For those at the higher end, the 90th percentile tax bill reaches $3,819. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in the community. Understanding these factors can help homeowners anticipate their financial obligations and plan accordingly, ensuring they are prepared for annual property tax payments.
Average Hitchcock Tax Bill
$748
Average Kingfisher County Tax Bill
$1,129
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Hitchcock, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73744 | $550 | $652 | $748 | $1,870 | $3,819 |
Source: Ownwell