Lamont, Oklahoma Property Taxes
The median property tax rate in Lamont, OK is 0.48%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Lamont, the typical annual property tax bill is $318, well below the national median of $2,690. Property taxes in Lamont are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lamont'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 Lamont or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lamont, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.48%
Estimate Property Tax Bill
$384
-$4,027
Ownwell’s Lamont Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lamont with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lamont 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 Lamont, Oklahoma
Property taxes in Lamont, Oklahoma, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lamont is 0.48%, significantly lower than the U.S. national median of 0.99%. Local government entities within Lamont set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lamont 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 Lamont's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74643 has the highest median property tax rate of 0.48%, while the same zip code also has the lowest median tax rate of 0.48%. Understanding how these cities compare with Lamont provides valuable insights into the varying tax landscape across Grant County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lamont Tax Rate
0.48%
Average Grant County Tax Rate
0.60%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lamont, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74643 | 0.19% | 0.30% | 0.48% | 0.68% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Lamont, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lamont, 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 Grant 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. In Lamont, 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 instance, the median home price in Lamont is $80,062, with tax bills ranging from $154 at the 25th percentile to $1,423 at the 90th percentile. Interestingly, the highest and lowest median tax bill, both $318, are found in the zip code 74643. 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 Lamont helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lamont Assessed Value
$80,062
Average Grant County Assessed Value
$83,486
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lamont, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74643 | $20,854 | $39,479 | $80,062 | $120,864 | $211,304 |
Source: Ownwell
Property Tax Bills Across Lamont, Oklahoma
In Lamont, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate in Grant County is applied to this assessed value to determine the annual property tax bill. Several factors influence the tax bill, including the home's assessed value, the local tax rate, and any applicable exemptions or deductions. For instance, with a median home price of $80,062, homeowners in Lamont can expect varying tax bills. The 25th percentile tax bill is around $154, while the 75th percentile tax bill reaches up to $742. At the higher end, the 90th percentile tax bill can be as much as $1,423. These figures highlight the range of property tax obligations that homeowners might face. Understanding these calculations is crucial for homeowners, as property taxes significantly impact annual expenses. Compared to the national median property tax rate of 0.99%, Lamont's property tax rates offer a perspective on local tax burdens and how they compare nationally.
Average Lamont Tax Bill
$318
Average Grant County Tax Bill
$460
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Lamont, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74643 | $67 | $154 | $318 | $742 | $1,423 |
Source: Ownwell