Lexington, Oklahoma Property Taxes
The median property tax rate in Lexington, OK is 0.55%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Lexington, the typical annual property tax bill reaches $266, significantly below the national median of $2,690. Property taxes in Lexington 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 Lexington'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 Lexington 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
Lexington, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$478
Ownwell’s Lexington Property Tax Bill Calculator is designed to assist homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lexington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lexington to provide an estimate of your property tax bill. This user-friendly tool helps you understand potential tax liabilities with ease. For those interested in more specific trends on a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Lexington, Oklahoma
Property taxes in Lexington, Oklahoma, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lexington is 0.55%, which is lower than the U.S. national median of 0.99%. Local government entities within Lexington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lexington 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 Lexington's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the 73051 zip code has the highest median property tax rate of 0.55%, while the same zip code also has the lowest median tax rate of 0.55%. Understanding how these areas compare with Lexington provides valuable insights into the varying tax landscape across Pottawatomie County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lexington Tax Rate
0.55%
Average Pottawatomie County Tax Rate
1.04%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lexington, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73051 | 0.24% | 0.32% | 0.55% | 0.67% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Lexington, Oklahoma
In Lexington, 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 Pottawatomie County Assessor's Office 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 Lexington 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 example, the median home price in Lexington is $86,929, with tax bills ranging from $261 at the 25th percentile to $1,449 at the 90th percentile. The zip code 73051 has both the highest and lowest median tax bills, each at $266. By understanding these valuation concepts, property owners can better navigate their tax responsibilities, identify opportunities for protesting assessments, or apply for exemptions to effectively manage their tax burden.
Average Lexington Assessed Value
$86,929
Average Pottawatomie County Assessed Value
$87,932
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lexington, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73051 | $58,186 | $71,685 | $86,929 | $100,311 | $163,436 |
Source: Ownwell
Property Tax Bills Across Lexington, Oklahoma
In Lexington, OK, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Lexington stands at $86,929. The local tax rate is applied to this assessed value to determine the annual tax bill. Homeowners in Lexington can expect their property tax bills to vary significantly, with the 25th percentile paying around $261, while those in the 75th percentile pay approximately $695. At the 90th percentile, tax bills can reach up to $1,449. Several factors influence the property tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. These taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, homeowners in Lexington benefit from relatively lower property tax bills, providing some financial relief while still contributing to essential community services.
Average Lexington Tax Bill
$266
Average Pottawatomie County Tax Bill
$764
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Lexington, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73051 | $182 | $261 | $266 | $695 | $1,449 |
Source: Ownwell