Tuskahoma, Oklahoma Property Taxes
The median property tax rate in Tuskahoma, OK is 0.75%, 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 $78,138, the typical annual property tax bill in Tuskahoma amounts to $511, significantly below the national median of $2,690. Property taxes in Tuskahoma are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Tuskahoma'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 Tuskahoma or another part of Latimer County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tuskahoma, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$586
Ownwell’s Tuskahoma Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tuskahoma with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tuskahoma 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 Tuskahoma, Oklahoma
Property taxes in Tuskahoma, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tuskahoma is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Tuskahoma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tuskahoma 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 Tuskahoma's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 74574 has both the highest and lowest median property tax rate of 0.75%. Understanding how these cities compare with Tuskahoma 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 Tuskahoma Tax Rate
0.75%
Average Latimer County Tax Rate
0.84%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tuskahoma, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74574 | 0.37% | 0.54% | 0.75% | 0.97% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Tuskahoma, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Tuskahoma, 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 Latimer County Appraisal District 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. 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 Tuskahoma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Tuskahoma is $78,138, with tax bills ranging from $278 at the 25th percentile to $1,736 at the 90th percentile. The zip code 74574 has both the highest and lowest median tax bill, at $511.
Average Tuskahoma Assessed Value
$78,138
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 Tuskahoma, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74574 | $31,240 | $47,969 | $78,138 | $121,844 | $188,325 |
Source: Ownwell
Property Tax Bills Across Tuskahoma, Oklahoma
In Tuskahoma, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Tuskahoma is $78,138, and property taxes are levied by applying the local tax rate to this assessed value. The tax bill can vary significantly, with the 25th percentile at $278 and the 75th percentile reaching $887. For those in the 90th percentile, tax bills can go up to $1,736. Several factors influence the tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. Homeowners in Tuskahoma experience relatively lower property taxes compared to the national median property tax rate of 0.99%. This can be advantageous for homeowners, as it lowers the overall cost of owning a home. The highest median tax bill recorded in Tuskahoma is $511, found in the 74574 zip code, which is relatively modest compared to other regions.
Average Tuskahoma Tax Bill
$511
Average Latimer County Tax Bill
$444
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Tuskahoma, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74574 | $150 | $278 | $511 | $887 | $1,736 |
Source: Ownwell