Elmore City, Oklahoma Property Taxes
The median property tax rate in Elmore City, OK is 0.73%, 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 $74,530, the typical annual property tax bill in Elmore City is $484, significantly below the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below market value due to exemptions like those for primary residences and agricultural land. Understanding Elmore City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Elmore City or another part of Garvin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Elmore City, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$544
Ownwell’s Elmore City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elmore City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elmore City 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 Elmore City, Oklahoma
Property taxes in Elmore City, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elmore City is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Elmore City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elmore City 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 Elmore City's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73433 has the highest median property tax rate of 0.73%, while the same zip code 73433 also has the lowest median tax rate of 0.73%. Understanding how these areas compare with Elmore City provides valuable insights into the varying tax landscape across Garvin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elmore City Tax Rate
0.73%
Average Garvin County Tax Rate
0.69%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elmore City, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73433 | 0.37% | 0.52% | 0.73% | 0.90% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Elmore City, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Elmore City, 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 Garvin 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. Assessment notices in Elmore City 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 Elmore City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 73433, both at $484.
Average Elmore City Assessed Value
$74,530
Average Garvin County Assessed Value
$84,504
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elmore City, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73433 | $27,958 | $44,281 | $74,530 | $122,255 | $193,726 |
Source: Ownwell
Property Tax Bills Across Elmore City, Oklahoma
In Elmore City, 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 Elmore City is $74,530. Property taxes are determined by multiplying the assessed value by the local tax rate. Various factors influence this calculation, including the property’s location, size, and any applicable exemptions. Homeowners in Elmore City can expect their tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $264, while the 75th percentile sees a tax bill of $872. At the 90th percentile, homeowners might face a tax bill as high as $1,545. Compared to the national median property tax rate of 0.99%, Elmore City's property taxes can be relatively moderate. This variation in tax bills can significantly impact homeowners, influencing their overall housing costs and financial planning.
Average Elmore City Tax Bill
$484
Average Garvin County Tax Bill
$559
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Elmore City, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73433 | $144 | $264 | $484 | $872 | $1,545 |
Source: Ownwell