Lamont, Oklahoma Property Taxes
The median property tax rate in Lamont, OK is 0.96%, slightly below both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Lamont at $79,506, the typical annual property tax bill comes to $747, which is significantly lower than the national median of $2,690. Property taxes in Lamont are calculated based on the tax assessed value, often lower than the market value due to various exemptions, such as 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
0.96%
Estimate Property Tax Bill
$763
$708
Ownwell’s Lamont Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating 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 useful tool helps you understand potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, considering any applicable exemptions.
Property Tax Rates Across Lamont, Oklahoma
Property taxes in Lamont, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lamont is 0.96%, which is slightly below 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 areas in Kay County and the national median. For comparison, the zip code 74643 has both the highest and lowest median property tax rate of 0.96%. Understanding how these areas compare with Lamont provides valuable insights into the varying tax landscape across Kay County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lamont Tax Rate
0.96%
Average Kay County Tax Rate
0.75%
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 | 0.80% | 0.87% | 0.96% | 1.00% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Lamont, Oklahoma
In Lamont, 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 Kay 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. 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. Notably, the zip code 74643 has both the highest and lowest median tax bills at $747.
Average Lamont Assessed Value
$79,506
Average Kay County Assessed Value
$73,378
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 | $45,310 | $50,492 | $79,506 | $97,475 | $112,632 |
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 typically a percentage of its market value. For instance, with a median home price of $79,506, the assessed value is determined by local assessment rules. The tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including property location, improvements, and local tax rates. In Lamont, the tax bill ranges significantly, with the 25th percentile at $480 and the 75th percentile at $961. This means that while some homeowners pay relatively low taxes, others might see higher bills depending on their property's assessed value and specific circumstances. Compared to the national median property tax rate of 0.99%, Lamont's tax bills can be seen as moderate, offering a balanced approach for homeowners. Understanding these factors helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Lamont Tax Bill
$747
Average Kay County Tax Bill
$552
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 | $380 | $480 | $747 | $961 | $1,131 |
Source: Ownwell