Grove, Oklahoma Property Taxes
The median property tax rate in Grove, OK is 0.79%, 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 Grove at $178,807, the typical annual property tax bill amounts to $1,313, significantly under the national median of $2,690. Property taxes in Grove are calculated based on the assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Grove's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Grove or another part of Delaware County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grove, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$1,413
Ownwell’s Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grove 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 Grove, Oklahoma
Property taxes in Grove, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grove is 0.79%, lower than the U.S. national median of 0.99%. Local government entities within Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grove 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 Grove's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74344 zip code has the highest median property tax rate of 0.79%, while the same zip code also has the lowest median tax rate of 0.79%. Understanding how these cities compare with Grove provides valuable insights into the varying tax landscape across Delaware County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grove Tax Rate
0.79%
Average Delaware County Tax Rate
0.78%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grove, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74344 | 0.54% | 0.65% | 0.79% | 0.93% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Grove, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Grove, Oklahoma. The market value represents 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 Delaware 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 Grove, 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. For instance, the median home price in Grove is $178,807, with tax bills ranging from $689 at the 25th percentile to $3,764 at the 90th percentile. The zip code 74344 has both the highest and lowest median tax bill at $1,313. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Grove Assessed Value
$178,807
Average Delaware County Assessed Value
$141,764
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grove, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74344 | $43,194 | $99,443 | $178,807 | $288,551 | $459,582 |
Source: Ownwell
Property Tax Bills Across Grove, Oklahoma
In Grove, Delaware County, OK, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. The median home price in Grove is $178,807. Tax rates are applied to this assessed value to determine the annual tax bill. Factors such as property location, improvements, and exemptions can influence the final amount. For homeowners, the property tax bill can vary significantly. The 25th percentile tax bill stands at $689, while the 75th percentile reaches $2,213, and the 90th percentile can be as high as $3,764. Comparatively, Grove's highest and lowest median tax bills both align at $1,313, which is higher than the national median property tax rate of 0.99%. Understanding these factors is crucial for homeowners as it directly impacts their annual financial planning. Properly managed, property taxes help fund essential public services, but they also represent a significant ongoing expense for property owners in Grove.
Average Grove Tax Bill
$1,313
Average Delaware County Tax Bill
$1,031
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Grove, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74344 | $292 | $689 | $1,313 | $2,213 | $3,764 |
Source: Ownwell