Luther, Oklahoma Property Taxes
The median property tax rate in Luther, OK is 0.75%, lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $160,500 in Luther, the typical annual property tax bill is $1,067, which is below the national median of $2,690. Property taxes in Luther are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as primary residence and agricultural exemptions. Understanding Luther'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 Luther or another part of Oklahoma County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Luther, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$1,204
Ownwell’s Luther Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Luther with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Luther 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 Luther, Oklahoma
Property taxes in Luther, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Luther is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Luther set these rates annually, and they can vary significantly across different neighborhoods. Each year, Luther 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 Luther's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73054 zip code has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Luther provides valuable insights into the varying tax landscape across Oklahoma County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Luther Tax Rate
0.75%
Average Oklahoma County Tax Rate
1.00%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Luther, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73054 | 0.43% | 0.59% | 0.75% | 0.90% | 1.00% |
Source: Ownwell
Property Tax Assessment Values Across Luther, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Luther, Oklahoma. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Oklahoma 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 Luther, 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. For instance, the highest median tax bill in Luther is $1067 in the 73054 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Luther Assessed Value
$160,500
Average Oklahoma County Assessed Value
$192,500
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Luther, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73054 | $34,558 | $65,499 | $160,500 | $286,250 | $430,550 |
Source: Ownwell
Property Tax Bills Across Luther, Oklahoma
In Luther, Oklahoma, property tax bills are calculated based on the assessed value of the property, which is determined by the county assessor. The assessed value typically represents a percentage of the property's market value. Homeowners in Luther can expect their tax bills to vary significantly, with the 25th percentile tax bill around $441 and the 75th percentile reaching approximately $2,097. The highest median tax bill recorded in the area is $1,067, which is considerably lower than the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's location, size, and condition. Local tax rates and any applicable exemptions or deductions also play a crucial role. For homeowners, these taxes fund essential public services such as schools, infrastructure, and emergency services. While property taxes can be a significant expense, they are vital for maintaining and improving community resources, directly impacting the quality of life in Luther.
Average Luther Tax Bill
$1,067
Average Oklahoma County Tax Bill
$1,891
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Luther, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73054 | $207 | $441 | $1,067 | $2,097 | $3,352 |
Source: Ownwell