Laverne, Oklahoma Property Taxes
The median property tax rate in Laverne, OK is 0.61%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Laverne being $115,754, the typical annual property tax bill comes to $804, well below the national median of $2,690. Property taxes in Laverne are determined based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural use. Gaining a thorough understanding of Laverne's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial yearly savings. Whether you're located in the center of Laverne or in another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laverne, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.61%
Estimate Property Tax Bill
$706
Ownwell’s Laverne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laverne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laverne 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 Laverne, Oklahoma
Property taxes in Laverne, Oklahoma, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Laverne is 0.61%, which is lower than the U.S. national median of 0.99%. Local government entities within Laverne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laverne 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 Laverne's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73848 has the highest median property tax rate of 0.61%, while the same zip code also has the lowest median tax rate of 0.61%. Understanding how these cities compare with Laverne provides valuable insights into the varying tax landscape across Ellis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laverne Tax Rate
0.61%
Average Ellis County Tax Rate
0.89%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laverne, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73848 | 0.51% | 0.55% | 0.61% | 0.72% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Laverne, Oklahoma
In Laverne, 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 Ellis 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. For example, in Laverne, the median home price is $115,754, with tax bills ranging from $727 at the 25th percentile to $2,192 at the 90th percentile. The zip code 73848 has both the highest and lowest median tax bills at $804. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Laverne Assessed Value
$115,754
Average Ellis County Assessed Value
$64,405
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laverne, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73848 | $77,378 | $103,792 | $115,754 | $186,754 | $359,929 |
Source: Ownwell
Property Tax Bills Across Laverne, Oklahoma
In Laverne, Ellis County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. The tax rate is applied to this assessed value to determine the annual tax bill. Several factors influence this calculation, including property improvements, neighborhood values, and local government budgets. For homeowners in Laverne, the median home price is $115,754, with property tax bills ranging from $727 at the 25th percentile to $945 at the 75th percentile. The 90th percentile sees a significant jump to $2,192, reflecting higher-valued properties or areas with more services. Compared to the national median property tax rate of 0.99%, Laverne's tax bills offer a relatively affordable option for homeowners. These taxes fund essential services like schools, public safety, and infrastructure, directly impacting the community's quality of life. Understanding how these factors interplay helps homeowners anticipate their annual financial obligations and plan accordingly.
Average Laverne Tax Bill
$804
Average Ellis County Tax Bill
$539
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Laverne, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73848 | $494 | $727 | $804 | $945 | $2,192 |
Source: Ownwell