Spiro, Oklahoma Property Taxes
The median property tax rate in Spiro, OK is 0.93%, slightly below the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Spiro at $59,597, the typical annual property tax bill is $500, which is significantly lower than the national median of $2,690. Property taxes in Spiro are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Spiro'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 Spiro or another part of Le Flore County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Spiro, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$554
Ownwell’s Spiro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Spiro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spiro 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 Le Flore County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Spiro, Oklahoma
Property taxes in Spiro, Oklahoma, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Spiro is 0.93%, slightly below the U.S. national median of 0.99%. Local government entities within Spiro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Spiro 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 Spiro's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the 74959 zip code has the highest median property tax rate of 0.93%, while the same zip code also has the lowest median tax rate of 0.93%. Understanding how these figures compare with Spiro provides valuable insights into the varying tax landscape across Le Flore County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Spiro Tax Rate
0.93%
Average Le Flore County Tax Rate
0.80%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spiro, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74959 | 0.60% | 0.79% | 0.93% | 1.00% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Spiro, Oklahoma
In Spiro, 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 Le Flore 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 Spiro, 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. The median home price in Spiro is $59,597, with annual tax bills ranging from $268 at the 25th percentile to $1,563 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Spiro Assessed Value
$59,597
Average Le Flore County Assessed Value
$72,264
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Spiro, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74959 | $19,426 | $34,180 | $59,597 | $103,743 | $171,746 |
Source: Ownwell
Property Tax Bills Across Spiro, Oklahoma
In Spiro, located in Le Flore County, Oklahoma, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For homeowners in this region, the median home price is $59,597. The property tax rate in Oklahoma is relatively low compared to the national median property tax rate of 0.99%. Several factors contribute to the final tax bill, including the assessed value and any applicable exemptions. The tax bill can vary significantly; for instance, the 25th percentile tax bill is $268, while the 75th percentile tax bill is $948. In some cases, homeowners may see tax bills as high as $1,563, which falls in the 90th percentile. Understanding these factors is crucial for homeowners as it directly impacts their annual expenses. Lower tax rates can make homeownership more affordable, but it's essential to be aware of potential variations in tax bills due to changes in assessed values and local tax policies.
Average Spiro Tax Bill
$500
Average Le Flore County Tax Bill
$517
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Spiro, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74959 | $145 | $268 | $500 | $948 | $1,563 |
Source: Ownwell