Topaz, California Property Taxes
The median property tax rate in Topaz, CA is 1.05%, slightly higher than the national median of 0.99% but lower than the California state median of 1.21%. With the median home value in Topaz at $173,399, the typical annual property tax bill reaches $1,760, falling below the national median of $2,690. Property taxes in Topaz are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence exemption. Understanding Topaz'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 Topaz or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Topaz, California Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$2,420
Ownwell’s Topaz Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Topaz with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Topaz 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 Topaz, California
Property taxes in Topaz, California, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Topaz is 1.05%, which is higher than the U.S. national median of 0.99%. Local government entities within Topaz set these rates annually, and they can vary significantly across different neighborhoods. Each year, Topaz 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 Topaz's effective property tax rate to other areas in Mono County and the national median. For comparison, the zip code 96133 has both the highest and lowest median property tax rate of 1.05%. Understanding how these areas compare with Topaz provides valuable insights into the varying tax landscape across Mono County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Topaz Tax Rate
1.05%
Average Mono County Tax Rate
1.14%
Average California Tax Rate
1.21%
Average United States Tax Rate
0.99%
Property Tax Rates Across Topaz, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 96133 | 1.02% | 1.03% | 1.05% | 1.07% | 1.11% |
Source: Ownwell
Property Tax Assessment Values Across Topaz, California
In Topaz, California, 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 Mono 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 Topaz, 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 Topaz is $173,399, with tax bills ranging from $779 at the 25th percentile to $4,777 at the 90th percentile. The zip code 96133 has the highest median tax bill of $1,760. Being aware of these valuation processes in Topaz helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Topaz Assessed Value
$173,399
Average Mono County Assessed Value
$402,900
Average California Assessed Value
$378,421
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Topaz, California
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 96133 | $51,596 | $92,648 | $173,399 | $288,144 | $464,151 |
Source: Ownwell
Property Tax Bills Across Topaz, California
In Topaz, located in Mono County, CA, property tax bills are calculated based on the assessed value of a home. This value is determined by the county assessor and typically reflects the market value of the property. The property tax rate in this region is applied to the assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including the property's location and any applicable exemptions or deductions. Homeowners in Topaz can expect a range of tax bills depending on their property's assessed value. For instance, the tax bill at the 25th percentile is $779, while at the 75th percentile, it rises to $2,623. The highest tax bills, at the 90th percentile, can reach up to $4,777. These figures illustrate the variability in property tax obligations, which can significantly impact household budgets. Comparatively, the national median property tax rate is 0.99%, highlighting how local rates and property values can lead to higher or lower tax bills.
Average Topaz Tax Bill
$1,760
Average Mono County Tax Bill
$4,319
Average California Tax Bill
$4,683
Average United States Tax Bill
$2,690
Property Tax Bills Across Topaz, California
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 96133 | $460 | $779 | $1,760 | $2,623 | $4,777 |
Source: Ownwell