Lamar, Oklahoma Property Taxes
The median property tax rate in Lamar, Oklahoma is 0.67%, notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Lamar at $54,551, the typical annual property tax bill is $378, significantly below the national median of $2,690. Property taxes in Lamar are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Lamar'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 Lamar 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
Lamar, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.67%
Estimate Property Tax Bill
$365
Ownwell’s Lamar Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lamar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lamar 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 Lamar, Oklahoma
Property taxes in Lamar, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lamar is 0.67%, which is significantly lower than both the Oklahoma state median of 0.74% and the U.S. national median of 0.99%. Local government entities within Lamar set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lamar 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 Lamar's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74850 has both the highest and lowest median property tax rate of 0.67%, highlighting the uniformity within the region. Understanding how these cities compare with Lamar provides valuable insights into the varying tax landscape across Hughes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lamar Tax Rate
0.67%
Average Hughes County Tax Rate
0.85%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lamar, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74850 | 0.35% | 0.49% | 0.67% | 0.82% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Lamar, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lamar, Oklahoma. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Hughes 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 Lamar, 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 Lamar is $54,551, with tax bills ranging from $171 at the 25th percentile to $1,102 at the 90th percentile. Notably, the zip code 74850 has both the highest and lowest median tax bill at $378. 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 their tax burden.
Average Lamar Assessed Value
$54,551
Average Hughes County Assessed Value
$41,920
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lamar, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74850 | $16,331 | $34,203 | $54,551 | $107,340 | $158,092 |
Source: Ownwell
Property Tax Bills Across Lamar, Oklahoma
In Lamar, property tax bills are determined based on the assessed value of a home, which is a percentage of the market value. For instance, if the median home price in Lamar is $54,551, the assessed value is calculated using a specific rate set by local authorities. Once the assessed value is determined, the local tax rate is applied to calculate the annual property tax bill. Various factors influence the final tax bill, including the property's location, size, and any applicable exemptions. Homeowners in Lamar face a range of tax bills; the 25th percentile pays around $171, while those in the 75th percentile pay approximately $612. At the higher end, the 90th percentile sees tax bills as high as $1,102. These property taxes significantly impact homeowners by contributing to community services such as schools, infrastructure, and emergency services. Understanding how these taxes are calculated helps homeowners budget effectively and take advantage of any available exemptions to reduce their financial burden.
Average Lamar Tax Bill
$378
Average Hughes County Tax Bill
$328
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Lamar, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74850 | $99 | $171 | $378 | $612 | $1,102 |
Source: Ownwell