Minco, Canadian County, Oklahoma Property Taxes
The median property tax rate in Minco, OK is 0.94%, slightly below both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $124,379 in Minco, the typical annual property tax bill amounts to $908, which is significantly less than the national median of $2,690. Property taxes in Minco are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions, such as 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, Canadian County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$1,169
$1,085
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, Canadian County, Oklahoma
Property taxes in Minco, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Minco is 0.94%, 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 73059 zip code has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these rates compare with Minco provides valuable insights into the varying tax landscape across Canadian County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Minco Tax Rate
0.94%
Average Canadian County Tax Rate
1.01%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Minco, Canadian County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73059 | 0.67% | 0.84% | 0.94% | 1.00% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Minco, Canadian County, 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 Canadian 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 the area both stand at $908, specifically in the 73059 zip code.
Property Tax Assessment Values Across Minco, Canadian County, Oklahoma
Source: Ownwell
$42,891
$180,777
$318,662
Average Minco Assessed Value
$124,379
Average Canadian County Assessed Value
$228,594
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Minco, Canadian County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73059 | $20,070 | $57,633 | $124,379 | $211,716 | $262,543 |
Source: Ownwell
Property Tax Bills Across Minco, Canadian County, Oklahoma
Property tax bills in Minco, located in Canadian County, OK, are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in Minco is $124,379. To determine the tax bill, the assessed value is multiplied by the local tax rate. Factors such as property improvements, neighborhood conditions, and market trends can influence the assessed value. For homeowners in Minco, the property tax bill can vary significantly. At the 25th percentile, a tax bill is around $484, while at the 75th percentile, it rises to approximately $2,008. The 90th percentile sees tax bills reaching up to $2,589. The highest and lowest median tax bills in Minco both stand at $908, which is below the national median property tax rate of 0.99%. These variations in tax bills can impact homeowners' budgets and financial planning, making it essential to understand how property taxes are calculated and what factors can affect them.
Average Minco Tax Bill
$908
Average Canadian County Tax Bill
$2,244
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Minco, Canadian County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73059 | $196 | $484 | $908 | $2,008 | $2,589 |
Source: Ownwell