Mounds, Oklahoma Property Taxes
The median property tax rate in Mounds, OK is 0.92%, slightly below both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Mounds, the typical annual property tax bill is $894, which is significantly lower than the national median of $2,690. Property taxes in Mounds 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 Mounds' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Mounds 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
Mounds, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$984
Ownwell’s Mounds Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mounds with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mounds 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 Mounds, Oklahoma
Property taxes in Mounds, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mounds is 0.92%, slightly below the U.S. national median of 0.99%. Local government entities within Mounds set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mounds 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 Mounds' effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74047 zip code has the highest median property tax rate of 0.92%, while the same zip code also has the lowest median tax rate of 0.92%. Understanding how these cities compare with Mounds provides valuable insights into the varying tax landscape across Okmulgee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mounds Tax Rate
0.92%
Average Okmulgee County Tax Rate
0.92%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mounds, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74047 | 0.51% | 0.71% | 0.92% | 1.09% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Mounds, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mounds, 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 Okmulgee 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 Mounds, 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. The median home price in Mounds is $106,916, and understanding these valuation concepts can help property owners better navigate their tax responsibilities. The highest median tax bill in Mounds is $894 in the zip code 74047, which is above the national median property tax rate of 0.99%. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mounds Assessed Value
$106,916
Average Okmulgee County Assessed Value
$63,421
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mounds, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74047 | $32,350 | $65,614 | $106,916 | $175,890 | $270,017 |
Source: Ownwell
Property Tax Bills Across Mounds, Oklahoma
In Mounds, OK, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Mounds is $106,916, and the tax rate in Okmulgee County influences the final tax bill. Local tax authorities determine the assessed value, which is then multiplied by the local tax rate to calculate the annual property tax bill. Factors such as property location, improvements, and market conditions are taken into account when determining the assessed value. For homeowners, this means that any significant changes to their property or fluctuations in the local real estate market can impact their tax bill. In Mounds, tax bills can vary widely, with the 25th percentile at $508 and the 75th percentile reaching $1,612. The highest median tax bill in the area is $894, which is lower than the national median property tax rate of 0.99%. This relatively lower tax burden can be an advantage for homeowners in Mounds, making it an attractive option for property investment.
Average Mounds Tax Bill
$894
Average Okmulgee County Tax Bill
$510
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Mounds, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74047 | $257 | $508 | $894 | $1,612 | $2,508 |
Source: Ownwell