Vinita, Oklahoma Property Taxes
The median property tax rate in Vinita, OK is 0.53%, significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $147,462 in Vinita, the typical annual property tax bill is approximately $836, well below the national median of $2,690. Property taxes in Vinita are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Gaining a thorough understanding of 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, familiarizing yourself with 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
0.53%
Estimate Property Tax Bill
$782
Ownwell's Vinita Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Vinita with just two data points. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Vinita to provide an accurate estimate of your property tax bill. This valuable tool offers clarity on potential tax liabilities, helping you make informed financial decisions. For those interested in neighborhood-level trends, additional localized information is available. Your property’s assessed value, determined by the county, is used for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Vinita, Oklahoma
Property taxes in Vinita, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vinita is 0.53%, 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 regions and the national median. For comparison, the zip code 74301 has both the highest and lowest median property tax rate of 0.53%. Understanding how these cities compare with Vinita provides valuable insights into the varying tax landscape across Nowata County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vinita Tax Rate
0.53%
Average Nowata County Tax Rate
0.83%
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 | 0.24% | 0.45% | 0.53% | 0.67% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Vinita, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Vinita, Oklahoma. The market value represents 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 Nowata 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. 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. For instance, the median home price in Vinita is $147,462, with annual tax bills ranging from $656 at the 25th percentile to $1,263 at the 90th percentile. The zip code 74301 has the highest and lowest median tax bill of $836. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Vinita Assessed Value
$147,462
Average Nowata County Assessed Value
$71,248
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 | $92,646 | $125,088 | $147,462 | $176,807 | $258,436 |
Source: Ownwell
Property Tax Bills Across Vinita, Oklahoma
Property tax bills in Vinita, located in Nowata County, OK, are calculated based on the assessed value of a property, which is determined by the local tax assessor. The assessed value is a fraction of the market value, and this figure is then multiplied by the local tax rate to calculate the property tax bill. For Vinita, the median home price stands at $147,462. Homeowners in this area can expect their tax bills to vary, with the 25th percentile at $656 and the 75th percentile at $991, indicating a range depending on property value and applicable exemptions. The highest median tax bill in the 74301 zip code is $836, which is relatively low compared to the national median property tax rate of 0.99%. This lower rate can be beneficial for homeowners, making homeownership more affordable and potentially increasing disposable income. However, it’s crucial for homeowners to stay informed about any changes in property assessments or tax rates that could affect their annual tax obligations.
Average Vinita Tax Bill
$836
Average Nowata County Tax Bill
$541
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 | $438 | $656 | $836 | $991 | $1,263 |
Source: Ownwell