Lane, Oklahoma Property Taxes
The median property tax rate in Lane, Oklahoma is 0.78%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $69,390 in Lane, the typical annual property tax bill is $476, well below the national median of $2,690. Property taxes in Lane are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Lane'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 Lane or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lane, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$541
Ownwell’s Lane Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lane using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lane to provide an accurate estimate of your property tax bill. This insightful tool aids in understanding potential tax liabilities, making financial planning easier. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value, determined by the county, serves as the basis for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Lane, Oklahoma
Property taxes in Lane, Oklahoma, are essential for funding crucial local services like public schools, road maintenance, and emergency services. The median tax rate in Lane stands at 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Lane set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lane 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 Lane's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74555 has both the highest and lowest median property tax rate in Atoka County, standing at 0.78%. Understanding how these cities compare with Lane provides valuable insights into the varying tax landscape across Atoka County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lane Tax Rate
0.78%
Average Atoka County Tax Rate
0.71%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lane, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74555 | 0.39% | 0.61% | 0.78% | 0.89% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Lane, Oklahoma
In Lane, 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 Atoka 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 Lane, 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 Lane helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 74555 has both the highest and lowest median tax bills, valued at $476.
Average Lane Assessed Value
$69,390
Average Atoka County Assessed Value
$86,760
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lane, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74555 | $21,492 | $41,188 | $69,390 | $117,728 | $212,540 |
Source: Ownwell
Property Tax Bills Across Lane, Oklahoma
In Lane, located in Atoka County, Oklahoma, 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 Lane is $69,390. Property tax rates are applied to this assessed value to determine the annual tax bill. Several factors influence this calculation, including the home's location, size, and condition, as well as any applicable exemptions. For homeowners, understanding these factors is crucial, as they directly impact their annual financial obligations. For example, the 25th percentile tax bill in Lane is $246, while the 75th percentile tax bill reaches $889. This variation shows how different property characteristics and assessments can lead to significant differences in tax bills. The highest median tax bill recorded in the area is $476, which aligns with the median figures in the 74555 zip code. By staying informed about these factors, homeowners can better anticipate their property tax responsibilities and plan accordingly.
Average Lane Tax Bill
$476
Average Atoka County Tax Bill
$584
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Lane, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74555 | $129 | $246 | $476 | $889 | $1,787 |
Source: Ownwell