Mill Creek, Oklahoma Property Taxes
The median property tax rate in Mill Creek, OK is 0.47%, 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 $116,113, the typical annual property tax bill reaches $746, which is well below the national median of $2,690. Property taxes in Mill Creek are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Mill Creek'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 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, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$546
-$5,719
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, Oklahoma
Property taxes in Mill Creek, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mill Creek is 0.47%, which is lower than 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 0.47%, indicating a uniform tax rate within this area. Understanding how these cities compare with Mill Creek provides valuable insights into the varying tax landscape across Murray County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mill Creek Tax Rate
0.47%
Average Murray County Tax Rate
0.70%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mill Creek, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74856 | 0.20% | 0.29% | 0.47% | 0.74% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Mill Creek, 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 Murray County Assessor's Office 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 Mill Creek, 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 Mill Creek helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Mill Creek, the highest and lowest median tax bills are both $746.00, found in the 74856 zip code.
Average Mill Creek Assessed Value
$116,113
Average Murray County Assessed Value
$87,065
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mill Creek, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74856 | $39,969 | $74,069 | $116,113 | $227,056 | $353,461 |
Source: Ownwell
Property Tax Bills Across Mill Creek, Oklahoma
In Mill Creek, Murray County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Mill Creek is $116,113. The assessed value is then multiplied by the local tax rate to determine the tax bill. Factors such as property improvements, market trends, and neighborhood characteristics can influence the assessed value. For homeowners in Mill Creek, property tax bills can significantly vary. The 25th percentile tax bill is $205, while the 75th percentile reaches $1,670, and the 90th percentile can be as high as $2,864. These variations highlight how different factors, including property size and location, can affect the tax amount. Compared to the national median property tax rate of 0.99%, Mill Creek's property taxes offer a broad range, impacting homeowners differently based on their property's assessed value and specific circumstances.
Average Mill Creek Tax Bill
$746
Average Murray County Tax Bill
$515
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Mill Creek, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74856 | $131 | $205 | $746 | $1,670 | $2,864 |
Source: Ownwell