73054 Property Tax Rate

Property owners in ZIP code 73054 (Luther, Oklahoma) pay a median of $854/year in property taxes on homes valued at $206,900. This translates to an effective tax rate of 0.41%, which is 38% below the Oklahoma state average of 0.66%.

The monthly property tax burden for a median-valued home in 73054 is approximately $71, which factors into escrow payments on mortgages. This ZIP code is located within Oklahoma County.

Compared to similar ZIP codes in Oklahoma, 73054 has lower property taxes. ZIP codes with similar effective rates include 74871 (0.41%) and 74558 (0.41%).

In Luther, property taxes represent approximately 1.5% of the median household income of $57,292, providing context for the relative tax burden on homeowners in this area.

Oklahoma reassesses properties at fair market value upon sale; there is no state cap on assessment increases for new owners, though local districts may freeze taxes on existing homesteads under the Homestead Property Tax Exemption if filed. Oklahoma County offers a Homestead Exemption ($1,000 off assessed value) and Senior exemptions for qualifying applicants age 65+ — file with the Oklahoma County Assessor's office before the annual deadline. File your homestead exemption application with the Oklahoma County Assessor within 60 days of purchase to secure the exemption for the current tax year.