Yes, organic latex is compostable.
Organic latex is considered a "brown" composting material. (Your composter or compost pile needs a proper ratio of carbon-rich materials, or “browns,” and nitrogen-rich materials, or “greens.” Other brown materials include dried leaves, straw, and wood chips. Nitrogen materials are fresh or "green", such as grass clippings and kitchen scraps.)
Organic latex requires about 6 months to compost.