Locust Grove, Oklahoma Property Taxes
The median property tax rate in Locust Grove, OK is 0.79%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Locust Grove at $80,016, the typical annual property tax bill is $466, significantly below the national median of $2,690. Property taxes in Locust Grove are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Locust 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 Locust Grove or another part of Cherokee County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Locust Grove, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$632
Ownwell’s Locust Grove Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Locust Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Locust Grove to provide an accurate estimate of 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 Locust Grove, Oklahoma
Property taxes in Locust Grove, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Locust Grove is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Locust Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Locust 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 Locust Grove's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74352 has both the highest and lowest median property tax rate of 0.79%. Understanding how these cities compare with Locust Grove provides valuable insights into the varying tax landscape across Cherokee County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Locust Grove Tax Rate
0.79%
Average Cherokee County Tax Rate
0.83%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Locust Grove, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74352 | 0.36% | 0.49% | 0.79% | 1.07% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Locust Grove, Oklahoma
In Locust 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 Cherokee 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 Locust 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 Locust Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 74352 has the highest and lowest median tax bill at $466.
Average Locust Grove Assessed Value
$80,016
Average Cherokee County Assessed Value
$95,710
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Locust Grove, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74352 | $19,928 | $46,270 | $80,016 | $138,443 | $186,085 |
Source: Ownwell
Property Tax Bills Across Locust Grove, Oklahoma
In Locust Grove, Cherokee County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in this area experience a range of property tax bills, with the 25th percentile paying around $250 and the 75th percentile paying up to $1,130. For those at the 90th percentile, tax bills can reach as high as $2,028. The highest median tax bill in the region is $466, which is consistent across the zip code 74352. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. Compared to the national median property tax rate of 0.99%, homeowners in Locust Grove might find their property taxes more manageable, depending on where they fall within the percentile range. Understanding these factors helps homeowners anticipate their tax obligations and plan their finances accordingly, ensuring they are well-prepared for their annual property tax bills.
Average Locust Grove Tax Bill
$466
Average Cherokee County Tax Bill
$703
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Locust Grove, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74352 | $144 | $250 | $466 | $1,130 | $2,028 |
Source: Ownwell