Vici, Ellis County, Oklahoma Property Taxes
The median property tax rate in Vici, OK is 0.77%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $105,482 in Vici, the typical annual property tax bill amounts to $762, significantly below the national median of $2,690. Property taxes in Vici are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Vici'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 Vici or another part of Ellis County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Vici, Ellis County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$812
$754
Ownwell’s Vici Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vici with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vici 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 Vici, Ellis County, Oklahoma
Property taxes in Vici, Oklahoma, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Vici is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Vici set these rates annually, and they can vary significantly across different neighborhoods. Each year, Vici 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 Vici's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the zip code 73859 has the highest median property tax rate of 0.77%, while the same zip code also has the lowest median tax rate of 0.77%. Understanding how these cities compare with Vici provides valuable insights into the varying tax landscape across Ellis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vici Tax Rate
0.77%
Average Ellis County Tax Rate
0.89%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vici, Ellis County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73859 | 0.53% | 0.64% | 0.77% | 0.79% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Vici, Ellis County, Oklahoma
In Vici, 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 Ellis 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 Vici, 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 Vici helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 73859 has the highest and lowest median tax bill at $762.
Property Tax Assessment Values Across Vici, Ellis County, Oklahoma
Source: Ownwell
$53,439
$93,547
$133,654
Average Vici Assessed Value
$105,482
Average Ellis County Assessed Value
$64,405
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Vici, Ellis County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73859 | $81,938 | $90,343 | $105,482 | $165,084 | $198,591 |
Source: Ownwell
Property Tax Bills Across Vici, Ellis County, Oklahoma
In Vici, located in Ellis County, OK, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Vici is $105,482. The local tax rate is applied to this assessed value to determine the annual tax bill. Various factors, including the home's location, size, and condition, influence its assessed value. For homeowners in Vici, tax bills can vary significantly. For instance, the 25th percentile tax bill is around $662, while the 75th percentile tax bill is approximately $968. At the higher end, the 90th percentile tax bill reaches up to $1,581. Comparatively, the national median property tax rate is 0.99%, highlighting how localized factors can significantly affect tax obligations. Understanding these elements can help homeowners in Vici anticipate their annual property tax responsibilities and plan their finances accordingly.
Average Vici Tax Bill
$762
Average Ellis County Tax Bill
$539
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Vici, Ellis County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73859 | $556 | $662 | $762 | $968 | $1,581 |
Source: Ownwell