Lahoma, Oklahoma Property Taxes
The median property tax rate in Lahoma, OK is 0.83%, which is lower than both the national median of 0.99% and Oklahoma's state median of 0.97%. With a median home value of $113,740 in Lahoma, the typical annual property tax bill amounts to $911, well below the national median of $2,690. Property taxes in Lahoma are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. 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 Major County, understanding the local property tax system will benefit 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
0.83%
Estimate Property Tax Bill
$944
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 0.83%, 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 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Lahoma provides valuable insights into the varying tax landscape across Major County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lahoma Tax Rate
0.83%
Average Major County Tax Rate
0.83%
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 | 0.66% | 0.74% | 0.83% | 0.86% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Lahoma, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lahoma, 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 Major 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 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. The median home price in Lahoma is $113,740, with tax bills ranging from $675 at the 25th percentile to $3,098 at the 90th percentile. 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.
Average Lahoma Assessed Value
$113,740
Average Major County Assessed Value
$92,366
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 | $57,954 | $78,900 | $113,740 | $186,783 | $307,816 |
Source: Ownwell
Property Tax Bills Across Lahoma, Oklahoma
In Lahoma, located in Major County, Oklahoma, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The median home price in Lahoma is $113,740. Factors influencing your tax bill include the assessed value, local tax rates, and any applicable exemptions. Homeowners in Lahoma can expect tax bills to vary significantly, with the 25th percentile at $675 and the 75th percentile at $1,525. For those in the 90th percentile, tax bills can reach up to $3,098. Compared to the national median property tax rate of 0.99%, the rates in Lahoma are relatively modest. The highest and lowest median tax bills in the area are both $911, specifically in the 73754 zip code. These tax bills directly impact homeowners by influencing their annual expenses and potentially affecting their decisions on home improvements or sales. Lower property taxes can be an attractive feature for prospective buyers, making Lahoma a potentially appealing place to live.
Average Lahoma Tax Bill
$911
Average Major County Tax Bill
$720
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 | $423 | $675 | $911 | $1,525 | $3,098 |
Source: Ownwell