Indianola, Oklahoma Property Taxes
The median property tax rate in Indianola, Oklahoma is 0.63%, which is significantly lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Indianola at $83,598, the typical annual property tax bill is $552, far below the national median of $2,690. Property taxes in Indianola are calculated based on the tax assessed value, which is generally lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Gaining a thorough understanding of Indianola's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're residing in Indianola or investing in real estate within the city, familiarizing yourself with the local property tax system is advantageous for both homeowners and investors.
Last Updated June 14, 2024
Indianola, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$527
Ownwell’s Indianola Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Indianola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Indianola to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in more granular data, you can scroll down to find trends and localized information at the neighborhood level. Your property’s assessed value is determined by the county for property tax calculations, taking into account any exemptions that may apply.
Property Tax Rates Across Indianola, Oklahoma
Property taxes in Indianola, Oklahoma, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Indianola is 0.63%, lower than both the Oklahoma state median and the U.S. national median of 0.99%. Local government entities within Indianola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Indianola 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 Indianola's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74442 zip code has the highest median property tax rate of 0.63%, while the same zip code also has the lowest median tax rate of 0.63%. Understanding how these cities compare with Indianola provides valuable insights into the varying tax landscape across Pittsburg County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Indianola Tax Rate
0.63%
Average Pittsburg County Tax Rate
0.73%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Indianola, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74442 | 0.38% | 0.51% | 0.63% | 0.85% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Indianola, Oklahoma
In Indianola, 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 Pittsburg 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 Indianola, 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. The median home price in Indianola is $83,598, with tax bills ranging from $258 at the 25th percentile to $1,344 at the 90th percentile. The zip code 74442 has the highest median tax bill of $552. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Indianola Assessed Value
$83,598
Average Pittsburg County Assessed Value
$87,046
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Indianola, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74442 | $29,025 | $48,057 | $83,598 | $140,768 | $202,935 |
Source: Ownwell
Property Tax Bills Across Indianola, Oklahoma
In Indianola, Pittsburg County, OK, property tax bills are calculated based on the assessed value of your home, which is a percentage of the market value. The local tax rate is then applied to this assessed value. For instance, the median home price in Indianola is $83,598. Homeowners can expect a tax bill ranging from $258 at the 25th percentile to $1,344 at the 90th percentile, with the median tax bill being $552. These figures illustrate the variability in tax bills, reflecting differences in property values and assessment practices. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Indianola face a property tax rate that can significantly impact their annual expenses, especially when compared to the national median property tax rate of 0.99%. Understanding these factors can help homeowners anticipate their tax obligations and plan their finances accordingly.
Average Indianola Tax Bill
$552
Average Pittsburg County Tax Bill
$571
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Indianola, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74442 | $147 | $258 | $552 | $966 | $1,344 |
Source: Ownwell