Love County, Oklahoma Property Taxes
The median property tax rate in Love County is 0.93%, which is slightly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Love County, the typical annual property tax bill is $778, well below the national median of $2,690. Property taxes in Love County are calculated based on the assessed value, which generally falls below the actual market value due to various property tax exemptions like the primary residence and agricultural exemptions. Understanding Love County's specific property tax system, exploring available exemptions, and identifying opportunities for property tax reductions can provide significant annual savings. Whether you live in Marietta or another part of Love County, gaining a comprehensive knowledge of local property taxes will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Love County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$782
$726
Ownwell’s Love County Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner to estimate their annual property taxes in Love County with just 2 data points. Enter your property's estimated assessed value, and our calculator applies the median tax rate in Love County to estimate your property tax bill. This insight helps you understand potential tax liabilities. If you’d like to see trends on a city level, scroll down to navigate to a more local informational page. Your property assessed value is the value assigned to your property by your county for property tax calculations. Assessed value takes into account any exemptions you may have on your property.
Property Tax Rates Across Love County, Oklahoma
Property taxes in Love County play a crucial role in funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Love County is 0.93%, which is lower than the U.S. national median of 0.99%. Local government entities within Love County set these rates annually, and they can vary significantly between different areas within the county. Each year, Love County estimates its required budget to maintain services for the upcoming fiscal year and divides this budget by the total value of all taxable property in the jurisdiction, resulting in the property tax rate. Although tax rates and budgets are influenced by laws and voter input, this calculation forms the basic process for setting property tax rates. The following data compares Love County's effective property tax rate with other areas and the national median. For comparison, the city of Madill has one of the higher property tax rates in the region at 1.27%, while the city of Leon boasts one of the lowest at 0.65%. Analyzing how Love County's tax rates stack up against these benchmarks can give homeowners a better understanding of the local tax landscape.
Average Love County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Love County, Oklahoma
| City | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Ardmore | 0.70% | 0.87% | 1.04% | 1.21% | 1.27% |
| Burneyville | 0.46% | 0.59% | 0.70% | 0.83% | 0.86% |
| Leon | 0.32% | 0.44% | 0.65% | 0.75% | 0.83% |
| Lone Grove | N/A | N/A | N/A | N/A | N/A |
| Madill | N/A | N/A | N/A | N/A | N/A |
| Marietta | 0.66% | 0.86% | 1.10% | 1.27% | 1.27% |
| Overbrook | 0.52% | 0.68% | 0.80% | 0.99% | 1.21% |
| Ringling | 0.46% | 0.61% | 0.78% | 0.96% | 1.02% |
| Thackerville | 0.51% | 0.78% | 0.94% | 1.05% | 1.10% |
| Wilson | 0.35% | 0.59% | 0.78% | 0.86% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Love County, Oklahoma
In Love County, understanding the difference between "market value" and "assessed value" is key to comprehending property taxes. The market value represents the price a willing buyer would pay to a willing seller in an open, competitive market, considering location, property condition, and current economic trends. For tax purposes, this value is estimated by the Love County Appraisal District. The assessed value, however, 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 in Love County are typically mailed in the spring, usually by the middle of April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By distinguishing between these valuation concepts, property owners can better navigate their tax responsibilities and understand how their property taxes are affected. For example, Lone Grove has the highest median tax bill at $1,402, while Leon has the lowest at $268. Being aware of these valuation processes in Love County will help you identify opportunities for appealing assessments or applying for exemptions to manage your tax burden more effectively.
Average Love County Assessed Value
$84,103
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Love County, Oklahoma
| City | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Ardmore | $73,091 | $103,745 | $133,306 | $186,482 | $253,962 |
| Burneyville | $29,112 | $44,512 | $89,052 | $167,486 | $223,098 |
| Leon | $21,129 | $33,818 | $43,516 | $77,516 | $125,584 |
| Lone Grove | N/A | N/A | N/A | N/A | N/A |
| Madill | N/A | N/A | N/A | N/A | N/A |
| Marietta | $28,050 | $49,728 | $81,336 | $146,609 | $242,027 |
| Overbrook | $33,146 | $61,002 | $111,082 | $188,125 | $297,768 |
| Ringling | $20,647 | $32,659 | $86,774 | $145,767 | $270,081 |
| Thackerville | $27,074 | $48,314 | $92,004 | $169,067 | $253,744 |
| Wilson | $28,413 | $45,054 | $74,672 | $140,485 | $252,254 |
Source: Ownwell
Property Tax Bills Across Love County, Oklahoma
In Love County, OK, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, the median home price in Love County is $84,103. Tax bills can vary significantly across the county, with the 25th percentile at $416 and the 75th percentile reaching $1,452. The 90th percentile sees tax bills as high as $2,459. Factors influencing these variations include property location, improvements, and exemptions. Homeowners in Lone Grove face the highest median tax bill at $1,402, while those in Leon enjoy the lowest at $268. These property taxes are essential for funding local services such as schools, roads, and emergency services. Compared to the national median property tax rate of 0.99%, Love County's tax rates reflect the local economic conditions and funding needs, impacting homeowners' financial planning and community resources.
Average Love County Tax Bill
$778
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Love County, Oklahoma
| City | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| Ardmore | $709 | $992 | $1,283 | $2,000 | $2,876 |
| Burneyville | $176 | $285 | $582 | $1,166 | $1,694 |
| Leon | $75 | $146 | $268 | $573 | $916 |
| Lone Grove | N/A | N/A | N/A | N/A | N/A |
| Madill | N/A | N/A | N/A | N/A | N/A |
| Marietta | $283 | $480 | $834 | $1,543 | $2,580 |
| Overbrook | $266 | $414 | $814 | $1,781 | $2,892 |
| Ringling | $157 | $250 | $711 | $1,316 | $2,554 |
| Thackerville | $206 | $405 | $758 | $1,627 | $2,586 |
| Wilson | $124 | $300 | $584 | $1,221 | $2,215 |
Source: Ownwell