Smithville, Oklahoma Property Taxes
The median property tax rate in Smithville, OK is 0.56%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Smithville at $91,199, the typical annual property tax bill reaches $435, significantly below the national median of $2,690. Property taxes in Smithville 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 Smithville'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 Smithville 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
Smithville, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$511
Ownwell’s Smithville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithville 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 Smithville, Oklahoma
Property taxes in Smithville, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithville is 0.56%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Smithville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithville 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 Smithville's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74957 zip code has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Smithville provides valuable insights into the varying tax landscape across Le Flore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Smithville Tax Rate
0.56%
Average Le Flore County Tax Rate
0.80%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithville, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74957 | 0.29% | 0.42% | 0.56% | 0.69% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Smithville, Oklahoma
In Smithville, 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 Le Flore 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. In Smithville, 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 Smithville is $91,199, with tax bills ranging from $251 at the 25th percentile to $1,472 at the 90th percentile. Interestingly, the zip code 74957 has both the highest and lowest median tax bill at $435. 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 Smithville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Smithville Assessed Value
$91,199
Average Le Flore County Assessed Value
$72,264
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Smithville, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74957 | $27,794 | $50,254 | $91,199 | $151,925 | $212,379 |
Source: Ownwell
Property Tax Bills Across Smithville, Oklahoma
In Smithville, located in Le Flore County, OK, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the market value, reflecting the property's worth in the current real estate market. The property tax rate in Smithville is then applied to this assessed value to determine the annual tax bill. For homeowners in Smithville, property tax bills can vary significantly. The 25th percentile of tax bills is $251, while the 75th percentile reaches $922, indicating a wide range in tax obligations based on property values. The 90th percentile tax bill rises to $1472, highlighting how higher-valued properties incur greater taxes. Compared to the national median property tax rate of 0.99%, Smithville's rates can be considered moderate. These property taxes fund essential local services, such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Homeowners must budget for these taxes as part of their annual expenses to maintain their properties and contribute to community development.
Average Smithville Tax Bill
$435
Average Le Flore County Tax Bill
$517
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithville, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74957 | $121 | $251 | $435 | $922 | $1,472 |
Source: Ownwell