Vera, Oklahoma Property Taxes
The median property tax rate in Vera, OK is 1.00%, slightly higher than both the national median of 0.99% and the Oklahoma state median of 0.97%. With the median home value in Vera at $42,980, the typical annual property tax bill reaches $406, which is significantly lower than the national median of $2,690. Property taxes in Vera are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Vera'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 Vera or another part of Washington County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Vera, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$430
Ownwell’s Vera Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Vera with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Vera 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 Vera, Oklahoma
Property taxes in VERA, Oklahoma, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in VERA is 1.00%, which is higher than the U.S. national median of 0.99%. Local government entities within VERA set these rates annually, and they can vary significantly across different neighborhoods. Each year, VERA 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 VERA's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the 74082 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these areas compare with VERA provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Vera Tax Rate
1.00%
Average Washington County Tax Rate
1.17%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Vera, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74082 | 0.23% | 0.43% | 1.00% | 1.15% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Vera, Oklahoma
In VERA, 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 Washington 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 VERA, 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 VERA is $42,980, with tax bills ranging from $150 at the 25th percentile to $1,323 at the 90th percentile. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Vera Assessed Value
$42,980
Average Washington County Assessed Value
$108,690
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Vera, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74082 | $18,124 | $31,114 | $42,980 | $67,865 | $120,661 |
Source: Ownwell
Property Tax Bills Across Vera, Oklahoma
In VERA, property tax bills are calculated based on the assessed value of a home, which is a percentage of the market value. The median home price in the area is $42,980, and the property tax rate in Washington County plays a significant role in determining the final tax bill. Homeowners in VERA can expect their tax bills to vary widely, with the 25th percentile tax bill at $150 and the 75th percentile reaching $746. For those at the 90th percentile, the tax bill can go up to $1,323. These variations are influenced by several factors, including property location, home improvements, and local tax rates. The highest and lowest median tax bill in the area both stand at $406, which is relatively moderate compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners in VERA anticipate their annual property tax obligations and plan their finances accordingly.
Average Vera Tax Bill
$406
Average Washington County Tax Bill
$1,167
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Vera, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 74082 | $74 | $150 | $406 | $746 | $1,323 |
Source: Ownwell