Leonard, Oklahoma Property Taxes
The median property tax rate in Leonard, OK is 1.21%, considerably higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Leonard at $115,666, the typical annual property tax bill reaches $1,395, exceeding the national median of $2,690. Property taxes in Leonard 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 Leonard'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 Leonard 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
Leonard, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$1,400
Ownwell’s Leonard Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Leonard with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Leonard 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 Leonard, Oklahoma
Property taxes in Leonard, Oklahoma, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Leonard is 1.21%, which is significantly higher than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Leonard set these rates annually, and they can vary significantly across different neighborhoods. Each year, Leonard 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 Leonard's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74043 zip code has the highest median property tax rate of 1.21%, while the same zip code also has the lowest median tax rate of 1.21%. Understanding how these cities compare with Leonard provides valuable insights into the varying tax landscape across Tulsa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Leonard Tax Rate
1.21%
Average Tulsa County Tax Rate
1.31%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Leonard, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74043 | 1.21% | 1.21% | 1.21% | 1.21% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Leonard, Oklahoma
In Leonard, 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 Tulsa 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 Leonard, 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. Notably, Leonard’s highest and lowest median tax bills are both $1,395 in the 74043 zip code, significantly higher than the national median property tax rate of 0.99%. By being aware of these valuation processes in Leonard, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Leonard Assessed Value
$115,666
Average Tulsa County Assessed Value
$152,469
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Leonard, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74043 | $115,666 | $115,666 | $115,666 | $115,666 | $115,666 |
Source: Ownwell
Property Tax Bills Across Leonard, Oklahoma
In Leonard, Tulsa County, OK, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the market value of the property. For instance, if the median home price in Leonard is $115,666, the assessed value would be a fraction of this amount, as determined by local regulations. To calculate the property tax bill, the assessed value is then multiplied by the local property tax rate. In Leonard, the median property tax bill is $1,395, which is consistent across various percentiles, indicating a uniform rate for properties in this area. This rate is higher than the national median property tax rate of 0.99%, reflecting local funding needs and budgetary requirements. Homeowners in Leonard should be aware that their property tax bill is influenced by the assessed value of their home and the local tax rate. This can impact their annual expenses and should be factored into their overall financial planning.
Average Leonard Tax Bill
$1,395
Average Tulsa County Tax Bill
$1,876
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Leonard, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74043 | $1,395 | $1,395 | $1,395 | $1,395 | $1,395 |
Source: Ownwell