Garvin, Oklahoma Property Taxes
The median property tax rate in Garvin, OK is 0.59%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Garvin at $48,006, the typical annual property tax bill is $290, far below the national median of $2,690. Property taxes in Garvin are calculated based on the tax assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Garvin'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 Garvin 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
Garvin, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.59%
Estimate Property Tax Bill
$283
Ownwell’s Garvin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Garvin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Garvin 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 Garvin, Oklahoma
Property taxes in Garvin, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Garvin is 0.55%, lower than both the Oklahoma state median of 0.87% and the U.S. national median of 0.99%. Local government entities within Garvin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Garvin 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 Garvin's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the highest median property tax rate in the region is 0.87%, while the lowest median tax rate is 0.55%. Understanding how these cities compare with Garvin provides valuable insights into the varying tax landscape across Garvin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Garvin Tax Rate
0.59%
Average Mccurtain County Tax Rate
0.79%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Garvin, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74736 | 0.28% | 0.43% | 0.59% | 0.76% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Garvin, Oklahoma
In Garvin, 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 county's 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 Garvin, 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 Garvin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Garvin is $290.00 in the 74736 zip code, while the lowest is also $290.00 in the same zip code.
Average Garvin Assessed Value
$48,006
Average Mccurtain County Assessed Value
$64,043
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Garvin, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74736 | $18,532 | $26,289 | $48,006 | $79,199 | $132,201 |
Source: Ownwell
Property Tax Bills Across Garvin, Oklahoma
In Garvin, Oklahoma, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Garvin stands at $48,006. Homeowners' tax bills can vary significantly, with the 25th percentile at $139 and the 75th percentile reaching $497. At the 90th percentile, tax bills can go up to $833, indicating a broad range of property tax obligations in the area. The assessed value is determined by the local tax assessor and considers various factors, including the property's location, size, and condition. This assessed value is then multiplied by the local tax rate to determine the final tax bill. Compared to the national median property tax rate of 0.99%, Garvin’s tax rates are relatively modest, which can be a financial relief for homeowners. However, the variability in tax bills means that some homeowners may face higher costs depending on their property's assessed value and specific circumstances.
Average Garvin Tax Bill
$290
Average Mccurtain County Tax Bill
$440
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Garvin, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74736 | $63 | $139 | $290 | $497 | $833 |
Source: Ownwell