Inola, Oklahoma Property Taxes
The median property tax rate in Inola, OK is 0.81%, 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 Inola at $150,000, the typical annual property tax bill comes to $1,168, significantly below the national median of $2,690. Property taxes in Inola are calculated based on the tax assessed value, which is often less 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 substantial annual savings. Whether you're in the heart of Inola or another part of Rogers County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Inola, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.81%
Estimate Property Tax Bill
$1,215
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, 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 0.81%, slightly lower than 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 0.81%, while the same zip code also has the lowest median tax rate of 0.81%. Understanding how these cities compare with Inola provides valuable insights into the varying tax landscape across Rogers County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Inola Tax Rate
0.81%
Average Rogers County Tax Rate
0.95%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Inola, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74036 | 0.59% | 0.74% | 0.81% | 0.88% | 0.89% |
Source: Ownwell
Property Tax Assessment Values Across Inola, Oklahoma
In Inola, 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 Rogers 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. 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. In the 74036 zip code, the median tax bill stands at $1168, reflecting the local property values and tax rates.
Average Inola Assessed Value
$150,000
Average Rogers County Assessed Value
$177,436
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Inola, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74036 | $58,914 | $97,324 | $150,000 | $225,176 | $312,563 |
Source: Ownwell
Property Tax Bills Across Inola, Oklahoma
Inola, located in Rogers County, OK, calculates property tax bills based on the assessed value of a home. This assessed value is a percentage of the property's market value, which is determined by the county assessor. The tax rate is then applied to this assessed value to generate the annual tax bill. Several factors influence the final tax bill, including the property's location and any applicable exemptions or deductions. For homeowners in Inola, property tax bills can vary significantly. For instance, the 25th percentile tax bill is $729, while those in the 75th percentile pay around $1,846. The highest tax bills, in the 90th percentile, can reach up to $2,575. Compared to the national median property tax rate of 0.99%, Inola's tax rates offer a relatively moderate burden on homeowners. Understanding these factors is crucial for homeowners to anticipate their annual tax obligations and manage their finances effectively.
Average Inola Tax Bill
$1,168
Average Rogers County Tax Bill
$1,648
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Inola, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74036 | $382 | $729 | $1,168 | $1,846 | $2,575 |
Source: Ownwell