Leon, Oklahoma Property Taxes
The median property tax rate in Leon, OK is 0.65%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Leon at $43,516, the typical annual property tax bill amounts to $268, which is well below the national median of $2,690. Property taxes in Leon are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Leon'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 Leon 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
Leon, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.65%
Estimate Property Tax Bill
$283
Ownwell’s Leon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leon 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 Leon, Oklahoma
Property taxes in Leon, Oklahoma, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Leon is 0.65%, which is lower than the U.S. national median of 0.99%. Local government entities within Leon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leon 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. For comparison, the zip code 73441 has the highest median property tax rate of 0.65%, while the same zip code also has the lowest median tax rate of 0.65%. Understanding how these areas compare with Leon 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 Leon Tax Rate
0.65%
Average Love County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leon, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73441 | 0.32% | 0.44% | 0.65% | 0.75% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Leon, Oklahoma
In LEON, 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 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 LEON, 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 LEON helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in LEON is $268 in zip code 73441, while the lowest is also $268 in the same zip code.
Average Leon Assessed Value
$43,516
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 Leon, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73441 | $21,129 | $33,818 | $43,516 | $77,516 | $125,584 |
Source: Ownwell
Property Tax Bills Across Leon, Oklahoma
In Leon, located in Love County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. The median home price in Leon is $43,516. Property taxes in Leon are relatively low compared to the national median property tax rate of 0.99%. Homeowners in Leon can expect to pay a median tax bill of $268, which is consistent across the area, as both the highest and lowest median tax bills are the same. Factors that influence the tax bill include the home's assessed value and the local tax rate set by Love County. For instance, tax bills can range significantly, with the 25th percentile at $146 and the 75th percentile at $573, indicating variability based on property values and specific assessments. This variability affects homeowners by creating a range of tax liabilities, potentially impacting budgeting and financial planning. Higher assessed values lead to higher tax bills, making it essential for homeowners to understand their property's valuation and any applicable exemptions.
Average Leon Tax Bill
$268
Average Love County Tax Bill
$778
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Leon, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73441 | $75 | $146 | $268 | $573 | $916 |
Source: Ownwell