Loco, Stephens County, Oklahoma Property Taxes
The median property tax rate in LOCO, OK is 0.71%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in LOCO at $66,306, the typical annual property tax bill is $441, significantly below the national median of $2,690. Property taxes in LOCO are calculated based on the assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding LOCO'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 LOCO 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
Loco, Stephens County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$471
$437
Ownwell’s LOCO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in LOCO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in LOCO 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 Loco, Stephens County, Oklahoma
Property taxes in LOCO, Oklahoma, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in LOCO is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within LOCO set these rates annually, and they can vary significantly across different neighborhoods. Each year, LOCO 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 LOCO's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 73442 zip code has both the highest and lowest median property tax rate of 0.71%. Understanding how these cities compare with LOCO provides valuable insights into the varying tax landscape across Stephens County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Loco Tax Rate
0.71%
Average Stephens County Tax Rate
0.81%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Loco, Stephens County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73442 | 0.42% | 0.58% | 0.71% | 0.81% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Loco, Stephens County, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in LOCO, Oklahoma. 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 Stephens 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 LOCO, 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 LOCO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills both occur in the zip code 73442, with a value of $441.
Property Tax Assessment Values Across Loco, Stephens County, Oklahoma
Source: Ownwell
$61,393
$83,240
$105,087
Average Loco Assessed Value
$66,306
Average Stephens County Assessed Value
$86,689
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Loco, Stephens County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73442 | $21,616 | $35,750 | $66,306 | $129,467 | $209,092 |
Source: Ownwell
Property Tax Bills Across Loco, Stephens County, Oklahoma
In LOCO, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is typically a percentage of the market value of the property. For instance, with a median home price of $66,306, the tax bill can vary significantly. Factors such as property location, improvements, and market conditions are considered in the assessment process. Homeowners in LOCO may see tax bills ranging from the 25th percentile at $218 to the 75th percentile at $938, with the 90th percentile reaching up to $1710. These variations highlight the impact of property characteristics and local assessment practices. Compared to the national median property tax rate of 0.99%, LOCO's property tax bills reflect the unique economic and housing conditions of the area. Understanding these factors can help homeowners anticipate their tax obligations and plan accordingly.
Average Loco Tax Bill
$441
Average Stephens County Tax Bill
$664
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Loco, Stephens County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73442 | $92 | $218 | $441 | $938 | $1,710 |
Source: Ownwell