Example of Love County Property Tax Calculation
Love County calculates property tax based on the assessed value of the property. The assessed value is determined by the county assessor and is based on the market value of the property. The county then applies a tax rate to the assessed value to determine the amount of property tax owed.
For example, if a property in Love County has an assessed value of $100,000 and the tax rate is 2.5%, the property tax owed would be $2,500. This amount is typically paid twice a year, with payments due on or before December 31st and March 31st.
It is important to note that Love County may also apply additional taxes, such as school district taxes, to the property tax bill. Property owners can typically view their property tax bill online or by contacting the Love County tax assessor's office.
Overall, understanding how Love County calculates property tax can help property owners budget and plan for their tax payments.
If you want appeal your property tax assessment - contact your local tax assessor.
Love County Property Tax Rates
Love County Property Tax Rates
| Tax Type | Rate per $100 of Assessed Value |
|---|---|
| General | $0.655 |
| School District | $1.215 |
| Career Tech | $0.190 |
| Library | $0.073 |
| County Health | $0.150 |
| Conservation District | $0.025 |
The above table lists the current Love County property tax rates per $100 of assessed value. The general tax rate is set at $0.655, with the school district tax rate at $1.215, and the career tech tax rate at $0.190. Additionally, the county levies a library tax at a rate of $0.073 per $100 of assessed value, a county health tax at a rate of $0.150 per $100 of assessed value, and a conservation district tax at a rate of $0.025 per $100 of assessed value. These rates may vary depending on the specific property being assessed.
Who sets property tax rates in Love County ?
Who sets property tax rates in Love County?
The Love County Board of Commissioners sets the property tax rates in Love County.
When are property tax rates set in Love County?
Property tax rates are set annually by the Love County Board of Commissioners during a public meeting. The rates are typically set in early to mid-August prior to the start of the fiscal year on July 1st.
How are property tax rates determined in Love County?
Property tax rates in Love County are determined based on various factors such as the county's budgetary needs, assessed property values, and state laws regarding property taxation. The Love County Board of Commissioners are responsible for evaluating these factors and setting the tax rates accordingly.
What is the current property tax rate in Love County?
As of 2021, the current property tax rate in Love County is 0.732 percent of the assessed property value. However, it is important to note that property tax rates can vary based on the specific location and type of property being taxed.
Homestead exemptions in Love County ?
In Love County, Oklahoma, there are various Homestead exemptions and deductions that homeowners may be eligible for. Here's a breakdown of the available options:
| Exemption/Deduction | Eligibility | Amount | Notes |
|---|---|---|---|
| County Assessed Exemption | All homeowners | Up to 3% of assessed value | Applies to primary residence only |
| Senior Citizen Exemption | Homeowners over 65 years old | Up to $1,000 | Applies to primary residence only |
| Disabled Veteran Exemption | Veterans with service-related disability | Up to $25,000 of assessed value | Applies to primary residence only |
| Additional Homestead Exemption | Homeowners who meet income requirements | Up to $1,000 | Income limits apply |
| School District Exemption | Homeowners with children in school | Up to $1,000 | Applies to primary residence only |
Notes:
- To apply for any of these exemptions or deductions, homeowners must submit an application to the Love County Assessor's Office.
- Homeowners can only receive one exemption or deduction per property.
- The County Assessed Exemption is automatically applied but homeowners need to submit an application for the other exemptions and deductions.
- The Additional Homestead Exemption has income limits of $20,000 for single taxpayers and $40,000 for married taxpayers.
- The School District Exemption only applies to homeowners who live within the school district boundaries.
When is Love County Property Tax due ?
Love County Property Tax Due Date and Payment Methods
Love County Property Tax is typically due on December 31st of each year. Property owners are required to pay their property taxes by this deadline to avoid penalties and interest charges.
There are several payment methods available for Love County Property Tax payers, including:
| Payment Method | Description |
|---|---|
| In-person | Property owners can visit the Love County Treasurer's Office located at 405 W. Main St. Marietta, OK 73448 and pay their property taxes in person. |
| By Mail | Property owners can mail their property tax payment to Love County Treasurer, P.O. Box 207, Marietta, OK 73448. |
| Online | Property owners can pay their property taxes online through the Love County Treasurer's website using a credit card or e-check. |
It is important for property owners to note that if they are unable to pay their property taxes by the December 31st deadline, they can set up a payment plan with the Love County Treasurer's Office to avoid penalties and interest charges.
In conclusion, Love County Property Tax is typically due on December 31st of each year, and property owners have several payment methods available to them including in-person, by mail, and online. If a property owner is unable to pay by the deadline, they can set up a payment plan to avoid penalties and interest charges.
If you have more questions - contact your local tax collector.
How is Love County Property Tax penalty calculated ?
Love County Property Tax Penalty Calculation
The penalty for unpaid property taxes in Love County is calculated as follows:
- First Penalty - 5% of the unpaid tax amount is added on February 16th.
- Second Penalty - An additional 1% per month is added on the 1st of each month starting March 1st.
- Third Penalty - After June 30th, an additional 5% penalty is added to the total due.
Example Calculation:
Suppose a Love County property owner has an unpaid tax bill of $2,000 for the year 2020. If the owner fails to pay the total tax amount by February 15th, the following penalties will be applied:
| Penalty | Amount |
|---|---|
| First Penalty (5%) | $100 |
| Second Penalty (1% per month) | $20/month (March to June) |
| Third Penalty (5%) | $100 |
The total penalty will be $320, which will be added to the original tax amount due of $2,000, resulting in a total amount due of $2,320.
It’s important to note that penalties are not waived, even if the property owner was unaware of the due date or did not receive the tax bill. Therefore, it is recommended that property owners keep track of their tax bill due dates and make timely payments.
We recommend contacting the Love County Tax Office or a local tax professional for the most up-to-date and accurate information.