Loco, Oklahoma Property Taxes
The median property tax rate in LOCO, OK is 0.86%, slightly below both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in LOCO at $73,514, the typical annual property tax bill comes to $586, which is much lower than the national median of $2,690. Property taxes in LOCO are calculated based on the tax assessed value, generally lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding LOCO'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 LOCO or another part of Jefferson county, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Loco, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$632
Ownwell’s LOCO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LOCO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LOCO 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 Loco, Oklahoma
Property taxes in LOCO, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in LOCO is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within LOCO set these rates annually, and they can vary significantly across different neighborhoods. Each year, LOCO 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 LOCO's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73442 has both the highest and lowest median property tax rate of 0.86%. Understanding how these areas compare with LOCO provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loco Tax Rate
0.86%
Average Jefferson County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loco, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73442 | 0.75% | 0.81% | 0.86% | 0.96% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Loco, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in LOCO, 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 Jefferson County Appraisal District 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. Assessment notices in LOCO 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 LOCO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $586.00 in zip code 73442, while the lowest is also $586.00 in the same zip code.
Average Loco Assessed Value
$73,514
Average Jefferson County Assessed Value
$43,058
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loco, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73442 | $19,545 | $49,481 | $73,514 | $103,865 | $162,671 |
Source: Ownwell
Property Tax Bills Across Loco, Oklahoma
Property tax bills in LOCO, located in Jefferson County, Oklahoma, are calculated based on the assessed value of a property, which is a percentage of its market value. The tax rate is applied to this assessed value to determine the annual property tax bill. Factors such as the property's location, size, and improvements can influence its assessed value. Homeowners in LOCO face varying tax bills. The 25th percentile tax bill is around $450, while the 75th percentile reaches $904, and the 90th percentile can be as high as $1,498. These figures highlight the range of property tax obligations within the area. The median home price in LOCO is $73,514, which is considerably lower than the national average. This lower property value contributes to generally lower property tax bills compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their property tax responsibilities and manage their finances accordingly.
Average Loco Tax Bill
$586
Average Jefferson County Tax Bill
$362
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Loco, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73442 | $143 | $450 | $586 | $904 | $1,498 |
Source: Ownwell