Inola, Mayes County, Oklahoma Property Taxes
The median property tax rate in Inola, OK is 0.70%, notably lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Inola at $226,735, the typical annual property tax bill amounts to $1,342, which falls below the national median of $2,690. Property taxes in Inola are calculated based on the assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Inola'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 Inola or another part of Mayes County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Inola, Mayes County, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$1,587
$1,473
Ownwell’s Inola Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Inola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Inola 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 Inola, Mayes County, Oklahoma
Property taxes in Inola, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Inola is 0.70%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Inola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Inola 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 Inola's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74036 zip code has the highest median property tax rate of 0.70%, while the same zip code also has the lowest median tax rate of 0.70%. Understanding how these cities compare with Inola provides valuable insights into the varying tax landscape across Mayes County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Inola Tax Rate
0.70%
Average Mayes County Tax Rate
0.66%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Inola, Mayes County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74036 | 0.38% | 0.54% | 0.70% | 0.85% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Inola, Mayes County, Oklahoma
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Inola, Oklahoma. 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 Mayes 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 Inola, 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 highest median tax bill in the area is $1,342 in zip code 74036, while the lowest median tax bill is also $1,342 in the same zip code. 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 Inola helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Inola, Mayes County, Oklahoma
Source: Ownwell
$63,166
$311,123
$559,080
Average Inola Assessed Value
$226,735
Average Mayes County Assessed Value
$160,424
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Inola, Mayes County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74036 | $80,845 | $114,666 | $226,735 | $342,828 | $467,230 |
Source: Ownwell
Property Tax Bills Across Inola, Mayes County, Oklahoma
In Inola, located in Mayes County, OK, property tax bills are determined based on the assessed value of the property, which is a percentage of the market value. The county assessor evaluates the market value of homes, and then a specific assessment ratio is applied to determine the assessed value. The property tax rate, or millage rate, is then applied to this assessed value to calculate the tax bill. Several factors influence the final tax bill, including the property's location, size, and any improvements made. Homeowners in Inola can expect a range of property tax bills, with the 25th percentile at $813 and the 75th percentile at $2,280, highlighting the variability based on property characteristics. The highest median tax bill in the area is $1,342. Compared to the national median property tax rate of 0.99%, Inola's property taxes can be relatively lower, providing some financial relief to homeowners. Understanding these components helps homeowners anticipate their annual tax obligations and plan their finances accordingly.
Average Inola Tax Bill
$1,342
Average Mayes County Tax Bill
$998
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Inola, Mayes County, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74036 | $505 | $813 | $1,342 | $2,280 | $3,437 |
Source: Ownwell