Gowen, Oklahoma Property Taxes
The median property tax rate in Gowen, Oklahoma is 1.08%, which is notably higher than both the national median of 0.99% and Oklahoma's state median of 0.97%. With the median home value in Gowen at $76,750, the typical annual property tax bill amounts to $830, which is significantly lower than the national median of $2,690. Property taxes in Gowen are based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Gowen's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Gowen or another part of Latimer County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gowen, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.08%
Estimate Property Tax Bill
$829
Ownwell’s Gowen Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gowen with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gowen 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 Gowen, Oklahoma
Property taxes in Gowen, Oklahoma, play a crucial role in funding indispensable local services such as public schools, road maintenance, and emergency services. The median tax rate in Gowen is 0.75%, 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 Gowen set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gowen 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 Gowen's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74545 zip code has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Gowen provides valuable insights into the varying tax landscape across Latimer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gowen Tax Rate
1.08%
Average Latimer County Tax Rate
0.84%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gowen, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74545 | 1.08% | 1.08% | 1.08% | 1.08% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Gowen, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gowen, 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 Latimer 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 Gowen, 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. The median home price in Gowen is $76,750, with tax bills ranging from $490 at the 25th percentile to $1,372 at the 90th percentile. The highest median tax bill is $830 in the 74545 zip code, which also has the lowest median tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gowen Assessed Value
$76,750
Average Latimer County Assessed Value
$59,905
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gowen, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74545 | $26,550 | $45,375 | $76,750 | $108,125 | $126,950 |
Source: Ownwell
Property Tax Bills Across Gowen, Oklahoma
In Gowen, Latimer County, OK, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine your annual tax bill. For homeowners in Gowen, the median home price is $76,750. Property tax bills can vary significantly, with the 25th percentile at $490 and the 75th percentile reaching $1,169. At the 90th percentile, tax bills can go up to $1,372. Several factors influence the final tax bill, including property improvements, neighborhood developments, and changes in local government budgets. These variations can have a notable impact on homeowners, affecting their annual expenses and overall financial planning. Compared to the national median property tax rate of 0.99%, Gowen's property tax rates and resulting bills can be seen as relatively moderate, making it an attractive option for those looking to manage their property-related expenses efficiently.
Average Gowen Tax Bill
$830
Average Latimer County Tax Bill
$444
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Gowen, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74545 | $287 | $490 | $830 | $1,169 | $1,372 |
Source: Ownwell