Minco, Oklahoma Property Taxes
The median property tax rate in Minco, OK is 0.98%, closely aligning with both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Minco at $95,452, the typical annual property tax bill reaches $875, significantly lower than the national median of $2,690. Property taxes in Minco are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Minco's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Minco or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Minco, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.98%
Estimate Property Tax Bill
$935
Ownwell’s Minco Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Minco with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Minco to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Minco, Oklahoma
Property taxes in Minco, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Minco is 0.98%, slightly lower than the U.S. national median of 0.99%. Local government entities within Minco set these rates annually, and they can vary significantly across different neighborhoods. Each year, Minco estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Minco's effective property tax rate to other areas in Oklahoma and the national median. For comparison, the zip code 73059 has the same median property tax rate of 0.98%. Understanding how these cities compare with Minco provides valuable insights into the varying tax landscape across Grady County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Minco Tax Rate
0.98%
Average Grady County Tax Rate
1.03%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minco, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73059 | 0.49% | 0.73% | 0.98% | 1.11% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Minco, Oklahoma
In Minco, Oklahoma, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Grady County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Minco, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Minco helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Minco are both $875.00, with the zip code 73059.
Average Minco Assessed Value
$95,452
Average Grady County Assessed Value
$126,704
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Minco, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73059 | $40,669 | $58,662 | $95,452 | $167,296 | $245,160 |
Source: Ownwell
Property Tax Bills Across Minco, Oklahoma
In Minco, located in Grady County, OK, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and is a percentage of the property's market value. Homeowners in Minco can expect their tax bills to vary significantly, influenced by factors such as property size, location, and market conditions. For instance, the median home price in Minco is $95,452. Property tax bills in the area range from $507 at the 25th percentile to $2,351 at the 90th percentile, illustrating the variability in tax obligations. The median tax bill in Minco stands at $875, which is below the national median property tax rate of 0.99%. These tax bills directly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Understanding these factors helps homeowners anticipate their annual property tax responsibilities and budget accordingly.
Average Minco Tax Bill
$875
Average Grady County Tax Bill
$1,186
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Minco, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73059 | $308 | $507 | $875 | $1,460 | $2,351 |
Source: Ownwell