Grove, Oklahoma Property Taxes
The median property tax rate in Grove, OK is 0.73%, notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $92,000 in Grove, the typical annual property tax bill amounts to $587, which is significantly less than the national median of $2,690. Property taxes in Grove are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding 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 Grove or another part of Ottawa County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Grove, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$672
Ownwell’s Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in 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 Grove, Oklahoma
Property taxes in Grove, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grove is 0.73%, which is lower than the U.S. national median of 0.99%. Local government entities within Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, 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 Grove's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the 74345 zip code has the highest median property tax rate of 0.82%, while the 74344 zip code has the lowest median tax rate of 0.73%. Understanding how these areas compare with Grove provides valuable insights into the varying tax landscape across Ottawa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grove Tax Rate
0.73%
Average Ottawa County Tax Rate
0.80%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grove, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74344 | 0.38% | 0.54% | 0.73% | 0.87% | 0.87% |
| 74345 | 0.82% | 0.82% | 0.82% | 0.82% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Grove, Oklahoma
In 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 Ottawa 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 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. For example, the highest median tax bill in Grove is $610 in the 74344 zip code, while the lowest median tax bill is $245 in the 74345 zip code. 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 Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Grove Assessed Value
$92,000
Average Ottawa County Assessed Value
$84,000
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Grove, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74344 | $41,531 | $63,121 | $93,482 | $148,967 | $168,603 |
| 74345 | $30,025 | $30,025 | $30,025 | $30,025 | $30,025 |
Source: Ownwell
Property Tax Bills Across Grove, Oklahoma
In Grove, property tax bills are calculated based on the assessed value of a home, which is determined by the Ottawa County Assessor's Office. The assessed value is a percentage of the property's market value. Several factors influence the final tax bill, including the local tax rate and any applicable exemptions or deductions. For homeowners in Grove, the median home price is $92,000. Property taxes vary widely, with the 25th percentile tax bill at $390 and the 75th percentile tax bill reaching $1,012. The 90th percentile tax bill climbs to $1,396, indicating a significant range in what homeowners might pay. The highest median tax bill in the area is $610, found in zip code 74344, while the lowest is $245 in zip code 74345. Compared to the national median property tax rate of 0.99%, Grove's tax rates can be favorable for many homeowners, but they also reflect the diversity in property values and tax liabilities within the region.
Average Grove Tax Bill
$587
Average Ottawa County Tax Bill
$593
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Grove, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74344 | $195 | $398 | $610 | $1,013 | $1,404 |
| 74345 | $245 | $245 | $245 | $245 | $245 |
Source: Ownwell