Vinita, Oklahoma Property Taxes
The median property tax rate in Vinita, OK is 0.85%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Vinita at $70,085, the typical annual property tax bill is $544, significantly 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 various exemptions such as those for primary residences and agricultural properties. Understanding Vinita'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 Vinita or another part of Craig County, 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
0.85%
Estimate Property Tax Bill
$596
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, 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 0.85%, 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 the highest median property tax rate of 0.85%, while the same zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Vinita provides valuable insights into the varying tax landscape across Craig County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vinita Tax Rate
0.85%
Average Craig County Tax Rate
0.82%
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 | 0.48% | 0.67% | 0.85% | 0.99% | 0.99% |
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 Craig 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 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 example, the highest median tax bill in Vinita is $544 in zip code 74301, which is significantly lower than the national median property tax rate of 0.99%. 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.
Average Vinita Assessed Value
$70,085
Average Craig County Assessed Value
$75,683
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 | $21,944 | $40,572 | $70,085 | $126,252 | $200,614 |
Source: Ownwell
Property Tax Bills Across Vinita, Oklahoma
In Vinita, located in Craig County, OK, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the home's market value. Homeowners in Vinita can expect their property tax bills to vary significantly. For instance, the tax bill at the 25th percentile is $294, while at the 75th percentile, it rises to $1009. This variation is influenced by factors such as the property's location, size, and condition. The median home price in Vinita is $70,085, and the property tax rate in Craig County is relatively low compared to the national median property tax rate of 0.99%. The highest median tax bill recorded in the area is $544, which is consistent across the zip code 74301. These property tax bills impact homeowners by contributing to the overall cost of owning a home, influencing decisions related to budgeting and long-term financial planning.
Average Vinita Tax Bill
$544
Average Craig County Tax Bill
$568
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 | $143 | $294 | $544 | $1,009 | $1,669 |
Source: Ownwell