Lebanon, Marshall County, Oklahoma Property Taxes
The median property tax rate in Lebanon, OK is 0.63%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Lebanon at $90,646, the typical annual property tax bill is $545, well below the national median of $2,690. Property taxes in Lebanon are calculated based on the tax assessed value, which often falls below market value due to various exemptions like primary residence and agricultural exemptions. Understanding Lebanon'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 Lebanon 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
Lebanon, Marshall County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$571
$530
Ownwell’s Lebanon Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lebanon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lebanon to provide an estimate of your property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in neighborhood-level trends, further localized information is available below. Your property’s assessed value is the figure assigned by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Lebanon, Marshall County, Oklahoma
Property taxes in Lebanon, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lebanon is 0.63%, which is lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Lebanon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lebanon 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 Lebanon's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73440 zip code has both the highest and lowest median property tax rate of 0.63%. Understanding how these areas compare with Lebanon provides valuable insights into the varying tax landscape across Marshall County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lebanon Tax Rate
0.63%
Average Marshall County Tax Rate
0.73%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lebanon, Marshall County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73440 | 0.36% | 0.47% | 0.63% | 0.84% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Lebanon, Marshall County, Oklahoma
In Lebanon, 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 local 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 Lebanon, 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 Lebanon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 73440 has the highest median tax bill at $545, while the lowest median tax bill also occurs in the same zip code at $545.
Property Tax Assessment Values Across Lebanon, Marshall County, Oklahoma
Source: Ownwell
$90,646
$101,598
$112,550
Average Lebanon Assessed Value
$90,646
Average Marshall County Assessed Value
$105,283
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lebanon, Marshall County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73440 | $28,796 | $55,726 | $90,646 | $130,420 | $166,530 |
Source: Ownwell
Property Tax Bills Across Lebanon, Marshall County, Oklahoma
In Lebanon, Marshall County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The county assessor determines this value, and local tax rates are then applied. For a median home price of $90,646, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $350, while at the 75th percentile, it rises to approximately $899. The 90th percentile tax bill can reach up to $1,193. Compared to the national median property tax rate of 0.99%, Marshall County's rates are relatively moderate. These tax bills fund essential public services such as schools, infrastructure, and emergency services, directly impacting the quality of life in Lebanon. Homeowners should be aware of these factors as they significantly influence their annual financial obligations and the overall affordability of owning property in the area.
Average Lebanon Tax Bill
$545
Average Marshall County Tax Bill
$670
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Lebanon, Marshall County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73440 | $231 | $350 | $545 | $899 | $1,193 |
Source: Ownwell