Alva, Oklahoma Property Taxes
The median property tax rate in Alva, OK is 0.83%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $113,054 in Alva, the typical annual property tax bill amounts to $1,022, significantly below the national median of $2,690. Property taxes in Alva are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Alva's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Alva or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Alva, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$938
Ownwell’s Alva Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Alva with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Alva 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 Alva, Oklahoma
Property taxes in Alva, Oklahoma, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Alva is 0.83%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Alva set these rates annually, and they can vary significantly across different neighborhoods. Each year, Alva 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 Alva's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73717 zip code has both the highest and lowest median property tax rate of 0.83%. Understanding how these areas compare with Alva provides valuable insights into the varying tax landscape across Alfalfa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Alva Tax Rate
0.83%
Average Alfalfa County Tax Rate
0.87%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Alva, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73717 | 0.66% | 0.74% | 0.83% | 1.07% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Alva, Oklahoma
In Alva, 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 local 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 Alva, 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. Being aware of these valuation processes in Alva helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,022 in the 73717 zip code.
Average Alva Assessed Value
$113,054
Average Alfalfa County Assessed Value
$48,960
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Alva, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73717 | $36,180 | $64,153 | $113,054 | $200,244 | $360,808 |
Source: Ownwell
Property Tax Bills Across Alva, Oklahoma
In Alva, located in Alfalfa County, OK, property tax bills are determined based on the assessed value of a home. The assessed value is a percentage of the market value, and this figure is then multiplied by the local tax rate to calculate the tax bill. The median home price in Alva is $113,054, and property tax bills can vary significantly. For example, at the 25th percentile, homeowners might pay around $511, while at the 75th percentile, the tax bill could reach $1,790. At the 90th percentile, it can go as high as $3,346. These taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life in the community. Homeowners in Alva should be aware of these figures as they plan their finances, especially considering that the national median property tax rate is 0.99%. Understanding how property taxes are calculated can help homeowners anticipate their annual expenses and make informed decisions about their property investments.
Average Alva Tax Bill
$1,022
Average Alfalfa County Tax Bill
$402
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Alva, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73717 | $214 | $511 | $1,022 | $1,790 | $3,346 |
Source: Ownwell