Hartshorne, Latimer County, Oklahoma Property Taxes
The median property tax rate in Hartshorne, OK is 0.89%, 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 $76,420 in Hartshorne, the typical annual property tax bill amounts to $581, significantly below the national median of $2,690. Property taxes in Hartshorne are determined based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Hartshorne'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 Hartshorne or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hartshorne, Latimer County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$680
$631
Ownwell’s Hartshorne Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hartshorne with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hartshorne 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 Hartshorne, Latimer County, Oklahoma
Property taxes in Hartshorne, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hartshorne is 0.74%, which is lower than both the Oklahoma state median of 0.90% and the U.S. national median of 0.99%. Local government entities within Hartshorne set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hartshorne 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 Hartshorne's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the highest median property tax rate in the region is 0.74%, while the lowest median tax rate is also 0.74%. Understanding how these cities compare with Hartshorne provides valuable insights into the varying tax landscape across Latimer County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hartshorne Tax Rate
0.89%
Average Latimer County Tax Rate
0.84%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hartshorne, Latimer County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74547 | 0.54% | 0.71% | 0.89% | 0.99% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Hartshorne, Latimer County, Oklahoma
In Hartshorne, 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 Latimer 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 Hartshorne, 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 Hartshorne helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price here is $76,420, with tax bills ranging from $377 at the 25th percentile to $1,748 at the 90th percentile. The zip code 74547 has the highest and lowest median tax bill, both at $581.
Property Tax Assessment Values Across Hartshorne, Latimer County, Oklahoma
Source: Ownwell
$53,033
$65,586
$78,138
Average Hartshorne Assessed Value
$76,420
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 Hartshorne, Latimer County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74547 | $38,767 | $47,163 | $76,420 | $114,844 | $183,671 |
Source: Ownwell
Property Tax Bills Across Hartshorne, Latimer County, Oklahoma
In Hartshorne, Latimer County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. With the median home price at $76,420, homeowners can expect their tax bills to vary significantly. Factors such as the property's assessed value, local tax rates, and any applicable exemptions determine the final amount. For instance, tax bills range from the 25th percentile at $377 to the 75th percentile at $977, with the 90th percentile reaching up to $1,748. These figures highlight the variability in tax burdens across different properties. Homeowners in the area need to be aware of how these factors influence their annual tax obligations, as even slight changes in assessed value or tax rates can have a notable impact. Comparing this to the national median property tax rate of 0.99%, Hartshorne's property taxes can be considered relatively moderate, providing a balanced environment for homeowners.
Average Hartshorne Tax Bill
$581
Average Latimer County Tax Bill
$444
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Hartshorne, Latimer County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74547 | $237 | $377 | $581 | $977 | $1,748 |
Source: Ownwell