Marlow, Stephens County, Oklahoma Property Taxes
The median property tax rate in Marlow, OK is 0.90%, 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 Marlow, the typical annual property tax bill reaches $889, significantly below the national median of $2,690. Property taxes in Marlow are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Marlow'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 Marlow 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
Marlow, Stephens County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$946
$878
Ownwell’s Marlow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marlow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marlow 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 Marlow, Stephens County, Oklahoma
Property taxes in Marlow, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marlow is 0.90%, which is lower than the U.S. national median of 0.99%. Local government entities within Marlow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marlow 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 Marlow's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 73055 has both the highest and lowest median property tax rate of 0.90%. Understanding how these areas compare with Marlow 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 Marlow Tax Rate
0.90%
Average Stephens County Tax Rate
0.81%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marlow, Stephens County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73055 | 0.58% | 0.74% | 0.90% | 1.06% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Marlow, Stephens County, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Marlow, 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 Marlow, 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. The median home price in Marlow is $105,087, with tax bills ranging from $514 at the 25th percentile to $2,608 at the 90th percentile. The highest and lowest median tax bills are both $889, found in the 73055 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Marlow, Stephens County, Oklahoma
Source: Ownwell
$61,393
$83,240
$105,087
Average Marlow Assessed Value
$105,087
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 Marlow, Stephens County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73055 | $41,405 | $65,432 | $105,087 | $169,982 | $275,233 |
Source: Ownwell
Property Tax Bills Across Marlow, Stephens County, Oklahoma
In Marlow, OK, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor. The assessed value typically represents a percentage of the property's market value. For homeowners in Stephens County, the median home price stands at $105,087. Property taxes are then calculated by applying the local tax rate to this assessed value. Several factors influence the final tax bill, including property improvements, neighborhood developments, and changes in market conditions. Homeowners in Marlow can expect their tax bills to vary significantly. For instance, tax bills can range from the 25th percentile at $514 to the 75th percentile at $1,557, with the 90th percentile reaching as high as $2,608. These property taxes directly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. While Marlow's property tax rate can be compared to the national median of 0.99%, the actual amount paid will depend on the specific assessed value and applicable exemptions.
Average Marlow Tax Bill
$889
Average Stephens County Tax Bill
$664
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Marlow, Stephens County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73055 | $294 | $514 | $889 | $1,557 | $2,608 |
Source: Ownwell