Lookeba, Oklahoma Property Taxes
The median property tax rate in Lookeba, OK is 0.60%, notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $84,895, the typical annual property tax bill in Lookeba is around $487, significantly less than the national median of $2,690. Property taxes in Lookeba are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Lookeba'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 Lookeba or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lookeba, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.6%
Estimate Property Tax Bill
$509
Ownwell’s Lookeba Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lookeba with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lookeba 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 Lookeba, Oklahoma
Property taxes in Lookeba, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lookeba is 0.60%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Lookeba set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lookeba 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 Lookeba's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73053 zip code has the highest median property tax rate of 0.60%, while the same zip code also has the lowest median tax rate of 0.60%. Understanding how these cities compare with Lookeba provides valuable insights into the varying tax landscape across Caddo County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lookeba Tax Rate
0.60%
Average Caddo County Tax Rate
0.63%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lookeba, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73053 | 0.27% | 0.44% | 0.60% | 0.79% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Lookeba, Oklahoma
In Lookeba, 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 Caddo 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 Lookeba, 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 Lookeba helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lookeba is $487 in the 73053 zip code, while the lowest is also $487 in the same zip code.
Average Lookeba Assessed Value
$84,895
Average Caddo County Assessed Value
$58,902
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lookeba, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73053 | $26,870 | $45,955 | $84,895 | $137,475 | $216,879 |
Source: Ownwell
Property Tax Bills Across Lookeba, Oklahoma
In Lookeba, the property tax bill is calculated based on the assessed value of the property, which is a percentage of its market value. The median home price in Lookeba is $84,895. Property taxes in Lookeba are relatively low compared to the national median property tax rate of 0.99%. Homeowners in Lookeba can expect their tax bills to vary significantly, with the 25th percentile tax bill at $210 and the 75th percentile reaching $888. For those at the 90th percentile, the tax bill can go up to $1,461. The highest and lowest median tax bills in Lookeba are both $487, indicating a consistent tax rate within the area. Factors influencing the tax bill include the property's assessed value and the local tax rate set by Caddo County. These property tax bills can affect homeowners by impacting their annual budgeting and overall cost of homeownership. Lower tax rates can make homeownership more affordable, while higher rates might require more financial planning.
Average Lookeba Tax Bill
$487
Average Caddo County Tax Bill
$341
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Lookeba, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73053 | $99 | $210 | $487 | $888 | $1,461 |
Source: Ownwell