Latimer County, Oklahoma Property Taxes
The median property tax rate in Latimer County is 0.84%, 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 $59,905, the typical annual property tax bill in Latimer County is $444, significantly below the national median of $2,690. Property taxes in Latimer County are calculated based on the assessed value, which often falls below the actual market value due to various property tax exemptions, such as those for primary residences and agricultural properties. Understanding Latimer County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Red Oak or another part of Latimer County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Latimer County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$503
$467
Ownwell’s Latimer County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Latimer County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Latimer County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Latimer County, Oklahoma
Property taxes in Latimer County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Latimer County is 0.84%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Latimer County set these rates annually, and they can vary significantly between different areas within the county. Each year, Latimer County estimates its required budget to maintain services for the upcoming fiscal year, and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. For comparison, the city of Gowen has one of the higher property tax rates in Oklahoma at 1.08%, while the city of Wister boasts one of the lowest at 0.70%. Analyzing how Latimer County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Latimer County Tax Rate
0.84%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Latimer County, Oklahoma
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Clayton | 0.38% | 0.57% | 0.75% | 0.85% | 0.88% |
| Gowen | N/A | N/A | N/A | N/A | N/A |
| Hartshorne | 0.54% | 0.71% | 0.89% | 0.99% | 1.08% |
| Red Oak | 0.33% | 0.51% | 0.70% | 0.86% | 0.93% |
| Talihina | 0.37% | 0.52% | 0.71% | 0.91% | 1.03% |
| Tuskahoma | 0.37% | 0.54% | 0.75% | 0.97% | 1.03% |
| Wilburton | 0.52% | 0.73% | 0.92% | 1.12% | 1.12% |
| Wister | 0.24% | 0.43% | 0.70% | 0.90% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Latimer County, Oklahoma
In Latimer County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Latimer County Appraisal District. The assessed value, however, 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 Latimer County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For instance, Gowen has the highest median tax bill at $830, while Red Oak has the lowest at $382. Being aware of these valuation processes in Latimer County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Latimer County Assessed Value
$59,905
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Latimer County, Oklahoma
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Clayton | $33,550 | $46,412 | $70,504 | $109,052 | $234,785 |
| Gowen | N/A | N/A | N/A | N/A | N/A |
| Hartshorne | $38,767 | $47,163 | $76,420 | $114,844 | $183,671 |
| Red Oak | $24,914 | $38,862 | $64,261 | $106,401 | $171,885 |
| Talihina | $30,774 | $47,549 | $72,679 | $109,505 | $156,791 |
| Tuskahoma | $31,240 | $47,969 | $78,138 | $121,844 | $188,325 |
| Wilburton | $20,301 | $32,346 | $53,033 | $88,335 | $146,417 |
| Wister | $25,860 | $40,671 | $64,960 | $106,894 | $200,546 |
Source: Ownwell
Property Tax Bills Across Latimer County, Oklahoma
In Latimer County, OK, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is typically a fraction of the property's market value. Various factors like property size, location, and improvements influence this assessed value. Once the assessed value is established, the local tax rate is applied to determine the annual tax bill. Homeowners in Latimer County experience a range of property tax bills. The 25th percentile tax bill is around $252, while those in the 75th percentile pay approximately $808. At the higher end, the 90th percentile reaches $1449. The median home price in Latimer County is $59,905, which helps contextualize these figures. Comparatively, the national median property tax rate is 0.99%, making Latimer County's property tax rates relatively moderate. For instance, the city of Gowen has the highest median tax bill at $830, whereas Red Oak has the lowest at $382. These tax bills directly impact homeowners' annual expenses, influencing their overall cost of living.
Average Latimer County Tax Bill
$444
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Latimer County, Oklahoma
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Clayton | $170 | $268 | $525 | $876 | $1,430 |
| Gowen | N/A | N/A | N/A | N/A | N/A |
| Hartshorne | $237 | $377 | $581 | $977 | $1,748 |
| Red Oak | $122 | $209 | $382 | $734 | $1,303 |
| Talihina | $151 | $260 | $482 | $795 | $1,337 |
| Tuskahoma | $150 | $278 | $511 | $887 | $1,736 |
| Wilburton | $144 | $264 | $444 | $792 | $1,417 |
| Wister | $87 | $194 | $490 | $806 | $1,412 |
Source: Ownwell