As of January the 1 2014, Logan County property owners will pay significantly less in yearly ad valorem taxes.
The property tax reduction takes hold as Logan County Assessor, Tisha Hampton, lowers the percent of the tax from 12 percent to 11 percent. This represents an 8 percent reduction in the base property tax paid by Logan County residents.
As an example, a resident of the Guthrie school district who owns a home valued at $150,000, and who claims homestead exemption, will experience a decrease from $1,297 to $1,183.
At 11 percent, the reduction brings Logan County’s real property assessment ratio in line with the neighboring counties of Oklahoma, Payne, Lincoln, Kingfisher and thirty-five other Oklahoma counties.
“It wasn’t right for Logan County residents to endure higher taxes than their neighbors in surrounding counties,” Hampton explained. “By lowering taxes, we do right for current residents and stop the policy of punishing those who choose to move to Logan County from neighboring counties.”
In 1996, Oklahoma voters approved State Question 675. This initiative put a cap of 13.5 percent and a floor of 11 percent on the taxable percentage of property. This effectively froze Logan County’s assessment at its then-current ratio of 12 percent. Earlier this year, Hampton determined that subject to the guidelines of SQ 675, she had the authority to lower the rate to 11 percent. Hampton becomes the first County Assessor in Oklahoma to lower an assessment ratio since the state question was approved in 1996. Once lowered, the rate may only be increased through a vote of the people.
Taxpayers will notice the new lower rates on tax assessments to be issued later this spring.