Lone Grove, Oklahoma Property Taxes
The median property tax rate in Lone Grove, OK is 0.74%, which is notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Lone Grove at $189,920, the typical annual property tax bill is $1,402, significantly below the national median of $2,690. Property taxes in Lone Grove are determined based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Lone Grove's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lone Grove or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lone Grove, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$1,405
Ownwell’s Lone Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lone Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lone Grove 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 Lone Grove, Oklahoma
Property taxes in Lone Grove, Oklahoma, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Lone Grove is 0.74%, which is lower than the U.S. national median of 0.99%. Local government entities within Lone Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lone Grove 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 Lone Grove's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73443 has both the highest and lowest median property tax rates at 0.74%. Understanding how these areas compare with Lone Grove 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 Lone Grove Tax Rate
0.74%
Average Love County Tax Rate
0.93%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lone Grove, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73443 | 0.74% | 0.74% | 0.74% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Lone Grove, Oklahoma
In Lone Grove, 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 Lone Grove, 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 Lone Grove 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 is 73443 at $1,402, which is also the lowest median tax bill in the area.
Average Lone Grove Assessed Value
$189,920
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 Lone Grove, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73443 | $189,920 | $189,920 | $189,920 | $189,920 | $189,920 |
Source: Ownwell
Property Tax Bills Across Lone Grove, Oklahoma
In Lone Grove, located in Love County, OK, property tax bills are calculated based on the property's assessed value, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as the property's location, size, and improvements can influence its assessed value. For homeowners in Lone Grove, the median home price is $189,920. The property tax bill typically falls around $1,402, which is notably higher than the national median property tax rate of 0.99%. This higher tax bill can impact homeowners by increasing the overall cost of owning a home. It is important for homeowners to understand these factors as they budget for their annual expenses. In Lone Grove, the consistency in tax bills across different percentiles suggests a relatively uniform application of property tax rates, with the 25th, 75th, and 90th percentiles all seeing tax bills of $1,402. This uniformity can help homeowners anticipate their tax obligations with greater accuracy.
Average Lone Grove Tax Bill
$1,402
Average Love County Tax Bill
$778
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Lone Grove, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73443 | $1,402 | $1,402 | $1,402 | $1,402 | $1,402 |
Source: Ownwell