Vinson, Oklahoma Property Taxes
The median property tax rate in Vinson, OK is 1.17%, considerably higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Vinson, the typical annual property tax bill reaches $598, which is significantly lower than the national median of $2,690. Property taxes in Vinson 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 Vinson'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 Vinson 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
Vinson, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.17%
Estimate Property Tax Bill
$709
Ownwell’s Vinson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vinson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vinson 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 Vinson, Oklahoma
Property taxes in Vinson, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vinson is 1.17%, which is higher than the U.S. national median of 0.99%. Local government entities within Vinson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vinson 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 Vinson's effective property tax rate to other areas and the national median. For comparison, the zip code 73571 has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these areas compare with Vinson provides valuable insights into the varying tax landscape across Harmon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vinson Tax Rate
1.17%
Average Harmon County Tax Rate
1.09%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vinson, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73571 | 0.93% | 1.00% | 1.17% | 1.19% | 1.19% |
Source: Ownwell
Property Tax Assessment Values Across Vinson, Oklahoma
In Vinson, Oklahoma, understanding the difference between "market value" and "assessed value" is essential 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 Harmon County 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. 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 in Vinson can better navigate their tax responsibilities and comprehend how their property taxes are determined. The median home price in Vinson stands at $60,631, with tax bills ranging from $392 at the 25th percentile to $1,295 at the 90th percentile. The highest and lowest median tax bills both come in at $598 in the 73571 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Vinson Assessed Value
$60,631
Average Harmon County Assessed Value
$33,150
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Vinson, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73571 | $15,554 | $40,383 | $60,631 | $98,711 | $115,197 |
Source: Ownwell
Property Tax Bills Across Vinson, Oklahoma
In Vinson, located in Harmon County, OK, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the market value of the property. The property tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the property tax bill, including the median home price, which is $60,631 in Vinson. Homeowners can expect a wide range of tax bills depending on their property's assessed value. For instance, the 25th percentile tax bill is $392, while the 75th percentile tax bill reaches $1,124. At the 90th percentile, homeowners might pay up to $1,295. Comparatively, Vinson's property tax rates are significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable, but it also means that local services and infrastructure may receive less funding from property taxes.
Average Vinson Tax Bill
$598
Average Harmon County Tax Bill
$322
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Vinson, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73571 | $167 | $392 | $598 | $1,124 | $1,295 |
Source: Ownwell