Lahoma, Oklahoma Property Taxes
The median property tax rate in Lahoma, OK is 0.86%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $89,185 in Lahoma, the typical annual property tax bill comes to $686, significantly below the national median of $2,690. Property taxes in Lahoma are calculated based on the assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Lahoma'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 Lahoma or another part of Garfield County, comprehending the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Lahoma, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$767
Ownwell’s Lahoma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lahoma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lahoma 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 Lahoma, Oklahoma
Property taxes in Lahoma, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lahoma is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Lahoma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lahoma 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 Lahoma's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73754 has the highest median property tax rate of 0.86%, while the same zip code also has the lowest median tax rate of 0.86%. Understanding how these cities compare with Lahoma provides valuable insights into the varying tax landscape across Garfield County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lahoma Tax Rate
0.86%
Average Garfield County Tax Rate
1.14%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lahoma, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73754 | 0.45% | 0.65% | 0.86% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Lahoma, Oklahoma
In Lahoma, 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 Garfield 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 Lahoma, 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 Lahoma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lahoma is $686.00 in the 73754 zip code, while the lowest is also $686.00 in the same zip code.
Average Lahoma Assessed Value
$89,185
Average Garfield County Assessed Value
$94,470
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lahoma, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73754 | $25,410 | $61,978 | $89,185 | $133,700 | $186,610 |
Source: Ownwell
Property Tax Bills Across Lahoma, Oklahoma
Property tax bills in Lahoma, located in Garfield County, Oklahoma, are calculated based on the assessed value of a property, which is a percentage of its market value. The assessed value is determined by the county assessor's office and is typically lower than the market value. In Lahoma, the median home price is $89,185. Property tax rates in Oklahoma are relatively low compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's assessed value, the local tax rate, and any applicable exemptions or deductions. For instance, the 25th percentile tax bill in Lahoma is $399, while the 75th percentile reaches $1,099, and the 90th percentile can go up to $1,583. These variations illustrate how different property values and local tax rates impact homeowners differently. Homeowners in Lahoma benefit from these relatively low property taxes, which can ease the financial burden compared to states with higher rates. However, understanding how these taxes are calculated is essential for proper financial planning and budgeting.
Average Lahoma Tax Bill
$686
Average Garfield County Tax Bill
$950
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Lahoma, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73754 | $175 | $399 | $686 | $1,099 | $1,583 |
Source: Ownwell