Arkoma, Oklahoma Property Taxes
The median property tax rate in Arkoma, OK is 0.85%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Arkoma, the typical annual property tax bill amounts to $278, significantly below the national median of $2,690. Property taxes in Arkoma are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Arkoma'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 Arkoma 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
Arkoma, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$317
Ownwell’s Arkoma Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Arkoma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Arkoma to provide an estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Arkoma, Oklahoma
Property taxes in Arkoma, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Arkoma is 0.85%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Arkoma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Arkoma 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 Arkoma's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74901 zip code has the highest median property tax rate of 0.85%, while the 74901 zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Arkoma provides valuable insights into the varying tax landscape across Le Flore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Arkoma Tax Rate
0.85%
Average Le Flore County Tax Rate
0.80%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Arkoma, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74901 | 0.46% | 0.69% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Arkoma, Oklahoma
In Arkoma, 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 Le Flore 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 Arkoma, 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. The median home price in Arkoma is $37,334, with tax bills ranging from $160 at the 25th percentile to $804 at the 90th percentile. The zip code 74901 has both the highest and lowest median tax bill, which is $278. Being aware of these valuation processes in Arkoma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Arkoma Assessed Value
$37,334
Average Le Flore County Assessed Value
$72,264
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Arkoma, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74901 | $15,163 | $21,567 | $37,334 | $65,868 | $100,070 |
Source: Ownwell
Property Tax Bills Across Arkoma, Oklahoma
In Arkoma, located in Le Flore County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Arkoma is $37,334. Local tax authorities determine the assessed value, and then apply the local tax rate to calculate the tax bill. Factors such as property size, location, and home improvements can influence the assessed value. Homeowners in Arkoma can expect varying tax bills. The 25th percentile tax bill is around $160, while the 75th percentile reaches approximately $505. For those in the 90th percentile, the tax bill can go up to $804. The highest and lowest median tax bills both stand at $278, reflecting the uniformity in property tax assessments within the 74901 zip code. Compared to the national median property tax rate of 0.99%, Arkoma's property taxes are relatively modest, providing some financial relief to homeowners in the area. This system ensures that property taxes are distributed fairly, based on the value and characteristics of each property.
Average Arkoma Tax Bill
$278
Average Le Flore County Tax Bill
$517
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Arkoma, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74901 | $88 | $160 | $278 | $505 | $804 |
Source: Ownwell