Monroe, Oklahoma Property Taxes
The median property tax rate in Monroe, OK is 0.76%, which is lower than both the national median of 0.99% and Oklahoma's state median of 0.97%. Given the median home value in Monroe, the typical annual property tax bill amounts to $259, falling below the national median of $2,690. Property taxes in Monroe are determined based on the tax assessed value, often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Navigating Monroe's property tax system, exploring available exemptions, and pinpointing opportunities for reductions can result in substantial yearly savings. Whether you're located in the bustling center of Monroe or another part of the city, a thorough understanding of the local property tax system will be advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Monroe, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$267
Ownwell’s Monroe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monroe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monroe 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 Monroe, Oklahoma
Property taxes in Monroe, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroe is 0.76%, 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 Monroe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroe 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 Monroe's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74947 zip code has the highest median property tax rate of 0.76%, while the 74947 zip code also has the lowest median tax rate of 0.76%. Understanding how these cities compare with Monroe 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 Monroe Tax Rate
0.76%
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 Monroe, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74947 | 0.61% | 0.67% | 0.76% | 0.83% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Monroe, Oklahoma
In Monroe, 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. 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 Monroe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Monroe, the highest and lowest median tax bill is $259, found in zip code 74947.
Average Monroe Assessed Value
$35,145
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 Monroe, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74947 | $14,733 | $22,388 | $35,145 | $40,072 | $43,029 |
Source: Ownwell
Property Tax Bills Across Monroe, Oklahoma
In Monroe, located in Le Flore County, OK, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is a percentage of the property's market value. The tax rate is then applied to this assessed value to calculate the annual tax bill. For homeowners in Monroe, the median home price stands at $35,145, which influences the overall tax burden. Various factors are considered when determining the tax bill, including the property's location, its market value, and any applicable exemptions. For instance, the tax bill at the 25th percentile is $166, while it rises to $286 at the 75th percentile, and $303 at the 90th percentile. These figures illustrate how property taxes can vary significantly within the same area. Understanding these factors is crucial for homeowners as property taxes impact their annual expenses. Compared to the national median property tax rate of 0.99%, Monroe's rates provide a unique perspective on local tax burdens.
Average Monroe Tax Bill
$259
Average Le Flore County Tax Bill
$517
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74947 | $110 | $166 | $259 | $286 | $303 |
Source: Ownwell