Red Oak, Latimer County, Oklahoma Property Taxes
The median property tax rate in Red Oak, OK is 0.70%, which is significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $64,261 in Red Oak, the typical annual property tax bill is $382, well below the national median of $2,690. Property taxes in Red Oak are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Red Oak'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 Red Oak or another part of Latimer County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Red Oak, Latimer County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$450
$417
Ownwell’s RED OAK Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RED OAK with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RED OAK 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 Red Oak, Latimer County, Oklahoma
Property taxes in Red Oak, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Red Oak is 0.70%, which is lower than the U.S. national median of 0.99%. Local government entities within Red Oak set these rates annually, and they can vary significantly across different neighborhoods. Each year, Red Oak 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 Red Oak's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 74563 has the highest median property tax rate of 0.70% and the lowest median tax rate of 0.70%. Understanding how these areas compare with Red Oak 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 Red Oak Tax Rate
0.70%
Average Latimer County Tax Rate
0.84%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Red Oak, Latimer County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74563 | 0.33% | 0.51% | 0.70% | 0.86% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Red Oak, Latimer County, Oklahoma
In RED OAK, 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 Assessment Office 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 RED OAK, 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 RED OAK helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Latimer County is $382 in the 74563 zip code, which also has the lowest median tax bill at $382.
Property Tax Assessment Values Across Red Oak, Latimer County, Oklahoma
Source: Ownwell
$53,033
$65,586
$78,138
Average Red Oak Assessed Value
$64,261
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 Red Oak, Latimer County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74563 | $24,914 | $38,862 | $64,261 | $106,401 | $171,885 |
Source: Ownwell
Property Tax Bills Across Red Oak, Latimer County, Oklahoma
Property tax bills in Red Oak, located in Latimer County, OK, are determined based on the assessed value of a property, which is typically a percentage of the market value. The tax rate is applied to the assessed value to calculate the annual tax bill. Factors influencing the tax bill include the property’s market value, local tax rates, and any applicable exemptions or abatements. For homeowners in Red Oak, the median home price is $64,261. Property tax bills can vary significantly, with the 25th percentile at $209 and the 75th percentile reaching $734. The top 10% of tax bills can be as high as $1,303. This variance can impact homeowners differently, depending on their property's assessed value and any local tax policies. Compared to the national median property tax rate of 0.99%, Red Oak’s rates may offer some relief to homeowners, making it an attractive location for those looking to manage their property tax expenses effectively.
Average Red Oak Tax Bill
$382
Average Latimer County Tax Bill
$444
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Red Oak, Latimer County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74563 | $122 | $209 | $382 | $734 | $1,303 |
Source: Ownwell