Nichols Hills, Oklahoma County, Oklahoma Property Taxes
The median property tax rate in Nichols Hills, OK is 1.41%, considerably higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Nichols Hills at $791,000, the typical annual property tax bill reaches $10,881, far exceeding the national median of $2,690. Property taxes in Nichols Hills 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 Nichols Hills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Nichols Hills 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
Nichols Hills, Oklahoma County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$11,153
$10,350
Ownwell’s Nichols Hills Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Nichols Hills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Nichols Hills 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 Nichols Hills, Oklahoma County, Oklahoma
Property taxes in Nichols Hills, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Nichols Hills is 1.41%, higher than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Nichols Hills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Nichols Hills 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 Nichols Hills' effective property tax rate to other areas in Oklahoma County and the national median. For comparison, the 73116 zip code has the highest median property tax rate of 1.48%, while the 73120 zip code has the lowest median tax rate of 1.31%. Understanding how these areas compare with Nichols Hills provides valuable insights into the varying tax landscape across Oklahoma County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Nichols Hills Tax Rate
1.41%
Average Oklahoma County Tax Rate
1.00%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Nichols Hills, Oklahoma County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73116 | 1.18% | 1.32% | 1.48% | 1.54% | 1.54% |
| 73120 | 1.11% | 1.17% | 1.31% | 1.40% | 1.52% |
Source: Ownwell
Property Tax Assessment Values Across Nichols Hills, Oklahoma County, Oklahoma
In Nichols Hills, 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 Oklahoma 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 Nichols Hills, 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 Nichols Hills helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, the highest median tax bill in Nichols Hills is $11,179 in the 73116 zip code, while the lowest median tax bill is $10,174 in the 73120 zip code.
Property Tax Assessment Values Across Nichols Hills, Oklahoma County, Oklahoma
Source: Ownwell
$64,500
$428,500
$792,500
Average Nichols Hills Assessed Value
$791,000
Average Oklahoma County Assessed Value
$192,500
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Nichols Hills, Oklahoma County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73116 | $327,500 | $471,875 | $792,500 | $1,254,000 | $1,762,500 |
| 73120 | $349,000 | $525,500 | $780,000 | $1,289,500 | $1,777,500 |
Source: Ownwell
Property Tax Bills Across Nichols Hills, Oklahoma County, Oklahoma
In Nichols Hills, 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 Nichols Hills is $791,000. The local assessed value is then multiplied by the tax rate set by Oklahoma County to determine the final tax bill. For instance, the tax bill for homes in the 25th percentile is around $6,251, while those in the 75th percentile face bills closer to $18,179. At the 90th percentile, homeowners could see tax bills as high as $25,681. Several factors influence these amounts, including the home's location within Nichols Hills, any applicable exemptions, and the overall budgetary needs of the county. Homeowners in the zip code 73116 experience the highest median tax bill at $11,179, whereas those in zip code 73120 have a slightly lower median tax bill of $10,174. These property taxes significantly impact homeowners, influencing both their annual expenses and overall financial planning.
Average Nichols Hills Tax Bill
$10,881
Average Oklahoma County Tax Bill
$1,891
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Nichols Hills, Oklahoma County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73116 | $4,161 | $6,452 | $11,179 | $18,496 | $26,182 |
| 73120 | $4,305 | $6,122 | $10,174 | $17,443 | $24,455 |
Source: Ownwell