Collinsville, Oklahoma Property Taxes
The median property tax rate in Collinsville, OK is 1.14%, considerably higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Collinsville at $160,930, the typical annual property tax bill reaches $1,630, which is below the national median of $2,690. Property taxes in Collinsville 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 Collinsville'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 Collinsville 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
Collinsville, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.14%
Estimate Property Tax Bill
$1,835
Ownwell’s Collinsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Collinsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Collinsville 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 Collinsville, Oklahoma
Property taxes in Collinsville, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Collinsville is 1.14%, significantly higher than the U.S. national median of 0.99%. Local government entities within Collinsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Collinsville 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 Collinsville's effective property tax rate to other regions in Oklahoma and the national median. For comparison, the zip code 74021 has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Collinsville provides valuable insights into the varying tax landscape across Tulsa County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Collinsville Tax Rate
1.14%
Average Tulsa County Tax Rate
1.31%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Collinsville, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74021 | 0.22% | 0.67% | 1.14% | 1.25% | 1.25% |
Source: Ownwell
Property Tax Assessment Values Across Collinsville, Oklahoma
In Collinsville, 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 Tulsa 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 Collinsville, 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 Collinsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,630, found in the 74021 zip code, while the lowest median tax bill is also $1,630 in the same zip code.
Average Collinsville Assessed Value
$160,930
Average Tulsa County Assessed Value
$152,469
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Collinsville, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74021 | $51,716 | $105,000 | $160,930 | $207,898 | $280,000 |
Source: Ownwell
Property Tax Bills Across Collinsville, Oklahoma
In Collinsville, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For a median home price of $160,930, the tax bill can vary significantly. Factors such as local tax rates and any applicable exemptions play a crucial role in determining the final amount. Homeowners in Collinsville typically see tax bills ranging from $565 at the 25th percentile to $2,196 at the 75th percentile, with the highest bills reaching up to $3,019 at the 90th percentile. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Compared to the national median property tax rate of 0.99%, Collinsville's tax rates may offer some relief to homeowners, but the variability in tax bills indicates a range of financial impacts. Understanding these factors can help homeowners better anticipate their annual property tax obligations and plan their finances accordingly.
Average Collinsville Tax Bill
$1,630
Average Tulsa County Tax Bill
$1,876
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Collinsville, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74021 | $234 | $565 | $1,630 | $2,196 | $3,019 |
Source: Ownwell