Loveland, Oklahoma Property Taxes
The median property tax rate in Loveland, Oklahoma is 0.99%, aligning with the national median of 0.99% but slightly above the Oklahoma state median of 0.97%. With a median home value of $46,529 in Loveland, the typical annual property tax bill amounts to $411, which is significantly lower than the national median of $2,690. Property taxes in Loveland are calculated based on the tax assessed value, often lower than the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Loveland'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 Loveland 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
Loveland, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$461
Ownwell’s Loveland Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Loveland with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Loveland 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 Loveland, Oklahoma
Property taxes in Loveland, Oklahoma, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Loveland is 0.99%, aligning with both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Loveland set these rates annually, and they can vary significantly across different neighborhoods. Each year, Loveland 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 Loveland's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73553 has both the highest and lowest median property tax rate of 0.99%. Understanding how these areas compare with Loveland provides valuable insights into the varying tax landscape across Tillman County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loveland Tax Rate
0.99%
Average Tillman County Tax Rate
0.98%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loveland, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73553 | 0.73% | 0.88% | 0.99% | 1.05% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Loveland, Oklahoma
In Loveland, 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 Tillman 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 Loveland, 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. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the highest median tax bill in Loveland is $411 in the 73553 zip code, while the lowest median tax bill is also $411 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Loveland Assessed Value
$46,529
Average Tillman County Assessed Value
$29,168
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loveland, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73553 | $21,988 | $33,444 | $46,529 | $106,383 | $253,843 |
Source: Ownwell
Property Tax Bills Across Loveland, Oklahoma
In Loveland, property tax bills are calculated based on the assessed value of a home, which is determined by the Tillman County assessor's office. The assessed value is a percentage of the property's market value. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Several factors influence the final tax bill, including property location, improvements, and exemptions. For instance, the median home price in Loveland is $46,529, leading to varying tax bills across different percentiles. Homeowners in the 25th percentile can expect to pay around $272 annually, while those in the 75th percentile might see a bill of approximately $1,082. The top 10% of property owners face tax bills as high as $2,923. These tax bills directly impact homeowners by influencing their annual budget and potentially affecting property values. Compared to the national median property tax rate of 0.99%, Loveland's rates can significantly vary, making it essential for homeowners to understand their specific tax obligations.
Average Loveland Tax Bill
$411
Average Tillman County Tax Bill
$271
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Loveland, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73553 | $138 | $272 | $411 | $1,082 | $2,923 |
Source: Ownwell