Lone Grove, Oklahoma Property Taxes
The median property tax rate in Lone Grove, OK is 1.16%, which is higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $100,043, the typical annual property tax bill in Lone Grove is $1,088, still below the national median of $2,690. Property taxes here are calculated based on the assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Lone Grove'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 Lone Grove or another part of Carter County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lone Grove, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.16%
Estimate Property Tax Bill
$1,160
Ownwell’s Lone Grove Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lone Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lone Grove 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 Lone Grove, Oklahoma
Property taxes in Lone Grove, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lone Grove is 1.16%, higher than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Lone Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lone Grove 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 Lone Grove's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73443 zip code has the highest median property tax rate of 1.16%, while the same zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Lone Grove provides valuable insights into the varying tax landscape across Carter County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lone Grove Tax Rate
1.16%
Average Carter County Tax Rate
0.85%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lone Grove, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73443 | 0.71% | 0.98% | 1.16% | 1.26% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Lone Grove, Oklahoma
In Lone Grove, 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 Carter 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. In Lone Grove, 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 Lone Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 73443 has both the highest and lowest median tax bills, with a value of $1,088.
Average Lone Grove Assessed Value
$100,043
Average Carter County Assessed Value
$117,168
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lone Grove, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73443 | $40,217 | $67,031 | $100,043 | $158,578 | $237,225 |
Source: Ownwell
Property Tax Bills Across Lone Grove, Oklahoma
Property tax bills in Lone Grove, located in Carter County, OK, are calculated based on the assessed value of a property and the local tax rate. The assessed value is typically a percentage of the property's market value, which is determined by the county assessor. Several factors influence the assessed value, including the property's size, location, and condition. Homeowners in Lone Grove experience varying property tax bills. For instance, the 25th percentile tax bill is approximately $654, while those in the 75th percentile pay around $1,843. The top 10% of taxpayers see bills as high as $2,734. The median property tax bill in the area stands at $1,088, which is relatively modest compared to the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure. Consequently, while property taxes represent a significant expense for homeowners, they also contribute to the overall quality of life in Lone Grove.
Average Lone Grove Tax Bill
$1,088
Average Carter County Tax Bill
$941
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Lone Grove, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73443 | $359 | $654 | $1,088 | $1,843 | $2,734 |
Source: Ownwell