Marlow, Oklahoma Property Taxes
The median property tax rate in Marlow, OK is 0.50%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Marlow, the typical annual property tax bill is $444, well below the national median of $2,690. Property taxes in Marlow 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 Marlow'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 Marlow 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
Marlow, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$442
Ownwell’s Marlow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marlow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marlow 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 Marlow, Oklahoma
Property taxes in Marlow, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marlow is 0.50%, which is lower than the U.S. national median of 0.99%. Local government entities within Marlow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marlow 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 Marlow's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73055 zip code has both the highest and lowest median property tax rate of 0.50%. Understanding how these cities compare with Marlow provides valuable insights into the varying tax landscape across Adair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marlow Tax Rate
0.50%
Average Adair County Tax Rate
0.69%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marlow, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73055 | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Source: Ownwell
Property Tax Assessment Values Across Marlow, Oklahoma
In Marlow, 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 Adair 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 Marlow, 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. The median home price in Marlow is $88,431, with the highest median tax bill being $444.00 in the 73055 zip code. 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 Marlow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Marlow Assessed Value
$88,431
Average Adair County Assessed Value
$66,022
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marlow, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73055 | $88,431 | $88,431 | $88,431 | $88,431 | $88,431 |
Source: Ownwell
Property Tax Bills Across Marlow, Oklahoma
In Marlow, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is typically a percentage of the market value of the property. In Marlow, homeowners can expect a median property tax bill of $444, which is significantly lower than the national median property tax rate of 0.99%. Factors that influence the tax bill include the property's location, size, and any applicable exemptions or deductions. For homeowners in Marlow, this means that property taxes are relatively affordable, with the tax bill remaining consistent across various percentiles—25th, 75th, and 90th—each at $444. This consistency provides a predictable financial obligation, making it easier for homeowners to budget for their annual expenses. The lower property tax rate can be particularly beneficial for attracting new residents and retaining current homeowners, contributing to the overall economic stability and growth of the community.
Average Marlow Tax Bill
$444
Average Adair County Tax Bill
$421
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Marlow, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73055 | $444 | $444 | $444 | $444 | $444 |
Source: Ownwell