Locust Grove, Oklahoma Property Taxes
The median property tax rate in Locust Grove, OK is 0.58%, considerably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Locust Grove at $54,791, the typical annual property tax bill reaches $197, significantly below the national median of $2,690. Property taxes in Locust Grove 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 Locust Grove'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 Locust Grove or another part of Wagoner County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Locust Grove, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$318
Ownwell’s Locust Grove Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes with ease. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Locust Grove to provide an accurate estimate of your property tax bill. This valuable tool offers insight into your potential tax liabilities, helping you plan and budget more effectively. For those interested in neighborhood-level trends, you can scroll down to explore more localized information. Your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Locust Grove, Oklahoma
Property taxes in Locust Grove, Oklahoma, play a crucial role in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Locust Grove is 0.58%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Locust Grove set these rates annually, and they can vary across different neighborhoods. Each year, Locust Grove 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 Locust Grove's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the 74352 zip code has the highest median property tax rate of 0.58%, while it also has the lowest median tax rate of 0.58%. Understanding how these areas compare with Locust Grove provides valuable insights into the varying tax landscape across Wagoner County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Locust Grove Tax Rate
0.58%
Average Wagoner County Tax Rate
0.86%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Locust Grove, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74352 | 0.16% | 0.32% | 0.58% | 0.86% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Locust Grove, Oklahoma
In Locust Grove, 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 local 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 Locust Grove, 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 Locust Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $197.00, found in the 74352 zip code.
Average Locust Grove Assessed Value
$54,791
Average Wagoner County Assessed Value
$214,676
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Locust Grove, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74352 | $5,005 | $14,954 | $54,791 | $122,078 | $185,133 |
Source: Ownwell
Property Tax Bills Across Locust Grove, Oklahoma
In Locust Grove, 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 Locust Grove is $54,791. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property improvements, neighborhood changes, and local government budgets can influence the assessed value and tax rate. For homeowners in Locust Grove, the tax bill can vary significantly. The 25th percentile of tax bills is around $72, while the 75th percentile reaches $614. The 90th percentile can go up to $1,163. The highest and lowest median tax bills in the area are both $197, indicating some consistency in tax assessments within the specific zip code 74352. Compared to the national median property tax rate of 0.99%, Locust Grove's rates are relatively modest, making it a more affordable location for property owners. This variability in tax bills highlights the importance of understanding local property tax calculations and their impact on annual expenses.
Average Locust Grove Tax Bill
$197
Average Wagoner County Tax Bill
$1,718
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Locust Grove, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74352 | $12 | $72 | $197 | $614 | $1,163 |
Source: Ownwell