Ardmore, Love County, Oklahoma Property Taxes
The median property tax rate in Ardmore, OK is 1.04%, which is slightly higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $133,306 in Ardmore, the typical annual property tax bill amounts to $1,283, which is lower than the national median of $2,690. Property taxes in Ardmore 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 Ardmore'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 Ardmore or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ardmore, Love County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.04%
Estimate Property Tax Bill
$1,386
$1,287
Ownwell’s Ardmore Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ardmore with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ardmore 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 Ardmore, Love County, Oklahoma
Property taxes in Ardmore, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ardmore is 1.04%, which is higher than the U.S. national median of 0.99%. Local government entities within Ardmore set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ardmore 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 Ardmore's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73401 zip code has both the highest and lowest median property tax rate of 1.04%. Understanding how these cities compare with Ardmore provides valuable insights into the varying tax landscape across Love County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Ardmore Tax Rate
1.04%
Average Love County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ardmore, Love County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73401 | 0.70% | 0.87% | 1.04% | 1.21% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Ardmore, Love County, Oklahoma
In Ardmore, 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 Love 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 Ardmore, 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 Ardmore helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in Ardmore is $1,283, found in zip code 73401.
Property Tax Assessment Values Across Ardmore, Love County, Oklahoma
Source: Ownwell
$43,516
$88,411
$133,306
Average Ardmore Assessed Value
$133,306
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 Ardmore, Love County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73401 | $73,091 | $103,745 | $133,306 | $186,482 | $253,962 |
Source: Ownwell
Property Tax Bills Across Ardmore, Love County, Oklahoma
In Ardmore, OK, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the property's market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For instance, the median home price in Ardmore is $133,306, and the property tax rate is assessed accordingly. Homeowners in Ardmore can expect their tax bills to vary significantly. For example, those in the 25th percentile pay around $992 annually, while those in the 75th percentile face bills closer to $2,000. The tax burden can be even higher for some, with the 90th percentile reaching up to $2,876. Interestingly, the median tax bill in the zip code 73401 is consistently $1,283, which is higher than the national median property tax rate of 0.99%. This variability in tax bills can significantly impact homeowners, influencing decisions on buying, selling, or maintaining property.
Average Ardmore Tax Bill
$1,283
Average Love County Tax Bill
$778
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Ardmore, Love County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73401 | $709 | $992 | $1,283 | $2,000 | $2,876 |
Source: Ownwell