Luther, Logan County, Oklahoma Property Taxes
The median property tax rate in Luther, OK is 0.89%, slightly below both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Luther at $139,544, the typical annual property tax bill amounts to $1,023, which is lower than the national median of $2,690. Property taxes in Luther 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 Luther'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 Luther or another part of Logan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Luther, Logan County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$1,242
$1,152
Ownwell’s Luther Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Luther with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Luther 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 Luther, Logan County, Oklahoma
Property taxes in Luther, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Luther stands at 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Luther set these rates annually, and they can vary significantly across different neighborhoods. Each year, Luther 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 Luther's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73054 zip code has the highest median property tax rate of 0.89%, while the same zip code also has the lowest median tax rate of 0.89%. Understanding how these areas compare with Luther provides valuable insights into the varying tax landscape across Logan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Luther Tax Rate
0.89%
Average Logan County Tax Rate
0.98%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Luther, Logan County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73054 | 0.60% | 0.75% | 0.89% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Luther, Logan County, Oklahoma
In Luther, 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 Logan 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. In Luther, 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 Luther helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill in Luther is 73054, with a median bill of $1,023, while the lowest is also in 73054, with a median bill of $1,023.
Property Tax Assessment Values Across Luther, Logan County, Oklahoma
Source: Ownwell
$45,774
$190,891
$336,008
Average Luther Assessed Value
$139,544
Average Logan County Assessed Value
$165,842
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Luther, Logan County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73054 | $43,277 | $72,185 | $139,544 | $260,693 | $356,043 |
Source: Ownwell
Property Tax Bills Across Luther, Logan County, Oklahoma
In Luther, Logan County, OK, property tax bills are calculated based on the assessed value of a home, which is determined as a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $139,544, homeowners can expect varying tax bills depending on specific assessments and exemptions. Factors influencing the tax bill include the home's market value, local tax rates, and applicable exemptions. The tax bill for the 25th percentile stands at $551, while the 75th percentile reaches $2,238, and the 90th percentile can go up to $3,285. This range indicates significant variability based on individual property values and local tax policies. Compared to the national median property tax rate of 0.99%, homeowners in Luther might experience different tax burdens, impacting their overall financial planning. Understanding these factors helps homeowners anticipate their tax liabilities and manage their budgets effectively.
Average Luther Tax Bill
$1,023
Average Logan County Tax Bill
$1,451
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Luther, Logan County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73054 | $258 | $551 | $1,023 | $2,238 | $3,285 |
Source: Ownwell