Example of Latimer County Property Tax Calculation
Latimer County Property Tax calculation is determined by multiplying the assessed property value by the current tax rate. For example, if the assessed value of a property in Latimer County is $100,000 and the current tax rate is 2%, then the property tax would be $2,000 (100,000 x 0.02). It is important to note that the assessed value of the property may differ from the market value and can be appealed if the owner believes it to be inaccurate. Additionally, property taxes are used to fund local services such as schools, roads, and public safety.
If you want appeal your property tax assessment - contact your local tax assessor.
Latimer County Property Tax Rates
The following table lists the property tax rates in Latimer County, Oklahoma, as of 2021:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| County General Fund | $0.3993 |
| County Health Department | $0.0085 |
| County Library Fund | $0.1500 |
| County Emergency Management | $0.0100 |
| County Jail Trust | $0.1500 |
| County Capital Improvement | $0.0300 |
| County Senior Citizen Services | $0.0450 |
| Latimer County Schools | $0.0683 |
| Red Oak School District | $0.1983 |
| Buffalo Valley School District | $0.1563 |
It is important to note that these rates are subject to change and should be verified with the Latimer County Assessor's Office.
Who sets property tax rates in Latimer County ?
Property tax rates in Latimer County are set by the Latimer County Board of Commissioners. These rates are approved annually and are based on the assessed value of the property. The assessed value is determined by the Latimer County Assessor's Office. Property owners in Latimer County receive their property tax bills in November and have until December 31st to pay their taxes. Failure to pay property taxes can result in penalties and interest charges. Property owners in Latimer County can appeal their property tax assessment by contacting the Latimer County Assessor's Office.
Homestead exemptions in Latimer County ?
In Latimer County, Oklahoma, there are several county-specific homestead exemptions and deductions available for residents. Here is a breakdown of each one.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Exemption | Any person who owns and occupies a home in Latimer County as their primary residence | Up to $1,000 | Must be filed by March 15th |
| Senior Citizen's Exemption | Any person 65 years or older who owns and occupies a home in Latimer County as their primary residence | Up to $5,000 | Must be filed by March 15th |
| Disability Exemption | Any person who is permanently disabled and owns and occupies a home in Latimer County as their primary residence | Up to $15,000 | Must provide proof of disability |
| Veterans Exemption | Any honorably discharged veteran who owns and occupies a home in Latimer County as their primary residence | Up to $1,000 | Must provide proof of honorable discharge |
It's important to note that these exemptions are only applicable to the assessed value of the home, not the entire property. Additionally, residents can only receive one exemption per year.
Overall, these county-specific homestead exemptions and deductions can provide significant savings for eligible residents in Latimer County, Oklahoma.
When is Latimer County Property Tax due ?
Latimer County Property Tax Due Dates and Payment Methods
Property taxes are a significant expense for homeowners in Latimer County. Understanding when property taxes are due and how to pay them can help homeowners avoid late fees and penalties. Here's everything you need to know about Latimer County property tax due dates and payment methods.
Due Dates
The due date for Latimer County property taxes is typically December 31st of each year. Taxpayers can pay their property taxes in two installments, with the first half due by December 31st and the second half due by March 31st of the following year.
Payment Methods
Latimer County offers several payment options for property taxes, including:
- In-person: Taxpayers can pay their property taxes in person at the Latimer County Treasurer's Office located at 109 North Central Avenue, Wilburton, OK 74578. Payments can be made by cash, check, or money order.
- By mail: Taxpayers can also mail their property tax payments to the Latimer County Treasurer's Office at the address mentioned above. Payments must be in the form of a check or money order payable to the Latimer County Treasurer.
- Online: Taxpayers can pay their property taxes online through the Latimer County Treasurer's website. Payments can be made using a credit or debit card or by e-check. A convenience fee will be charged for online payments.
It's important to note that if property taxes are not paid by the due date, late fees and penalties will be imposed. To avoid these fees, it's recommended that taxpayers pay their property taxes by the due date.
In summary, Latimer County property taxes are typically due by December 31st of each year, with the option to pay in two installments, and can be paid in person, by mail, or online. Plan ahead and don't forget to pay your property taxes on time to avoid late fees and penalties.
If you have more questions - contact your local tax collector.
How is Latimer County Property Tax penalty calculated ?
Latimer County Property Tax Penalty Calculation
When a property owner fails to pay their property tax by the due date, they will be subject to a penalty. The penalty for delinquent property taxes in Latimer County is calculated based on the number of days late and the amount owed.
The penalty for late property tax payments in Latimer County is 10% of the total tax due plus 1% interest for each month the payment is late. The penalty is applied on the first day following the due date and is calculated based on the total tax amount due, including any special assessments, fees, and interest.
For example, if a property owner has a tax bill of $1,000 and fails to pay it by the due date, which is typically March 15th, the penalty would be calculated as follows:
10% of $1,000 = $100 1% interest for each month the payment is late, assuming a payment of two months late: 2 x 1% x $1,000 = $20
Total penalty: $100 + $20 = $120
Therefore, the property owner would owe a total of $1,120, which includes the original tax amount of $1,000 plus the penalty of $120.
It's important to note that the penalty continues to increase for each month the payment is late. Therefore, it's crucial for property owners to make timely property tax payments to avoid accruing more penalties and interest.
We recommend contacting the Latimer County Tax Office or a local tax professional for the most up-to-date and accurate information.