Lexington, Oklahoma Property Taxes
The median property tax rate in Lexington, OK is 0.83%, 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 Lexington at $99,628, the typical annual property tax bill reaches $718, significantly below the national median of $2,690. Property taxes in Lexington 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 Lexington'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 Lexington or another part of Cleveland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lexington, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$827
Ownwell’s Lexington Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and potential buyers looking to estimate their annual property taxes in Lexington. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Lexington to provide an accurate estimate of your property tax bill. This powerful tool helps you gain a clear understanding of your potential tax liabilities. For those interested in more detailed insights, including neighborhood-level trends, additional localized information is available below. Your property’s assessed value, determined by Cleveland County, is crucial for these calculations and may include applicable exemptions.
Property Tax Rates Across Lexington, Oklahoma
Property taxes in Lexington, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lexington is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Lexington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lexington 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 Lexington's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 73051 has both the highest and lowest median property tax rate of 0.83%. Understanding how these areas compare with Lexington provides valuable insights into the varying tax landscape across Cleveland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lexington Tax Rate
0.83%
Average Cleveland County Tax Rate
1.13%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lexington, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73051 | 0.39% | 0.61% | 0.83% | 1.03% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Lexington, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lexington, Oklahoma. 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 Cleveland 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. 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 Lexington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lexington is $99,628, with tax bills ranging from $294 at the 25th percentile to $2,206 at the 90th percentile. The zip code 73051 has the highest median tax bill at $718, while the lowest median tax bill is also $718 in the same zip code.
Average Lexington Assessed Value
$99,628
Average Cleveland County Assessed Value
$197,572
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lexington, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73051 | $19,519 | $44,151 | $99,628 | $162,999 | $237,759 |
Source: Ownwell
Property Tax Bills Across Lexington, Oklahoma
In Lexington, Cleveland County, OK, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. For example, with a median home price of $99,628, the property tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence the tax bill, including property size, location, and any applicable exemptions. In Cleveland County, tax bills range significantly, with the 25th percentile at $294 and the 75th percentile at $1,368. The highest median tax bill in the region stands at $718, which is still below the national median property tax rate of 0.99%. For homeowners, understanding these factors is crucial as property taxes can significantly impact annual expenses. Accurate assessment and awareness of potential exemptions can help manage these costs effectively.
Average Lexington Tax Bill
$718
Average Cleveland County Tax Bill
$2,141
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Lexington, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73051 | $111 | $294 | $718 | $1,368 | $2,206 |
Source: Ownwell