Laverne, Oklahoma Property Taxes
The median property tax rate in Laverne, Oklahoma is 0.70%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Laverne, the typical annual property tax bill is $323, significantly below the national median of $2,690. Property taxes in Laverne 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 Laverne'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 Laverne or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laverne, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$347
Ownwell’s Laverne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laverne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laverne 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 Laverne, Oklahoma
Property taxes in Laverne, Oklahoma, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Laverne is 0.70%, which is lower than both the Oklahoma state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Laverne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laverne 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 Laverne's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73848 has the highest median property tax rate of 0.70%, while the same zip code also has the lowest median tax rate of 0.70%. Understanding how these cities compare with Laverne provides valuable insights into the varying tax landscape across Harper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laverne Tax Rate
0.70%
Average Harper County Tax Rate
0.73%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laverne, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73848 | 0.43% | 0.57% | 0.70% | 0.80% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Laverne, Oklahoma
In Laverne, 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 Harper 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. In Laverne, 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. With a median home price of $49,580, property tax bills can vary significantly. For instance, the 25th percentile tax bill is $191, while the 75th percentile tax bill rises to $532, and the 90th percentile reaches $825. The zip code 73848 has the highest median tax bill at $323. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Laverne Assessed Value
$49,580
Average Harper County Assessed Value
$57,434
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laverne, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73848 | $21,579 | $32,292 | $49,580 | $79,606 | $121,272 |
Source: Ownwell
Property Tax Bills Across Laverne, Oklahoma
In Laverne, located in Harper County, OK, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is a percentage of the property's market value and is used to calculate the tax bill. Various factors influence this assessed value, including the property's location, size, and condition. Homeowners in Laverne can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $191, while at the 75th percentile, it rises to $532, and at the 90th percentile, it reaches $825. The highest median tax bill in the county is $323, which aligns with the lowest, both occurring in the same zip code, 73848. Compared to the national median property tax rate of 0.99%, Laverne's property tax rates are relatively moderate. Understanding how these taxes are calculated helps homeowners budget effectively and plan for future expenses.
Average Laverne Tax Bill
$323
Average Harper County Tax Bill
$402
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Laverne, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73848 | $125 | $191 | $323 | $532 | $825 |
Source: Ownwell