Vinita, Oklahoma Property Taxes
The median property tax rate in Vinita, OK is 0.68%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $196,686 in Vinita, the typical annual property tax bill amounts to $1,305, well below the national median of $2,690. Property taxes in Vinita are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Vinita's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Vinita 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
Vinita, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,337
Ownwell’s Vinita Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vinita with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vinita 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 Vinita, Oklahoma
Property taxes in Vinita, Oklahoma, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Vinita is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Vinita set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vinita 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 Vinita's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74301 zip code has both the highest and lowest median property tax rate of 0.68%. Understanding how these cities compare with Vinita provides valuable insights into the varying tax landscape across Mayes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vinita Tax Rate
0.68%
Average Mayes County Tax Rate
0.66%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vinita, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74301 | 0.33% | 0.52% | 0.68% | 0.83% | 0.91% |
Source: Ownwell
Property Tax Assessment Values Across Vinita, Oklahoma
In Vinita, 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 local appraisal district 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 Vinita, 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 Vinita helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in Vinita are both $1,305, found in the 74301 zip code.
Average Vinita Assessed Value
$196,686
Average Mayes County Assessed Value
$160,424
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Vinita, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74301 | $43,786 | $90,932 | $196,686 | $365,130 | $604,002 |
Source: Ownwell
Property Tax Bills Across Vinita, Oklahoma
In Vinita, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. Several factors influence this value, including property size, location, and any improvements made. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. Homeowners in Vinita face a range of property tax bills. For instance, the 25th percentile tax bill is $556, while the 75th percentile reaches $2,522. The 90th percentile tax bill can go up to $3,934, indicating a wide variation based on property value and other factors. The median home price in Vinita is $196,686, which helps contextualize these tax figures. Compared to the national median property tax rate of 0.99%, Vinita's property taxes are relatively moderate, providing some financial relief to homeowners while still supporting local services and infrastructure.
Average Vinita Tax Bill
$1,305
Average Mayes County Tax Bill
$998
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Vinita, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74301 | $220 | $556 | $1,305 | $2,522 | $3,934 |
Source: Ownwell