Oak City, Utah Property Taxes
The median property tax rate in Oak City, UT, is 0.55%, aligning with the Utah state median but significantly lower than the national median of 0.99%. With the median home value in Oak City at $306,126, the typical annual property tax bill amounts to $1,732, which is below the national median of $2,690. Property taxes in Oak City are calculated based on the assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Oak City'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 Oak City or another part of Millard County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Oak City, Utah Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,100
Ownwell’s Oak City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oak City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oak City 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 Oak City, Utah
Property taxes in Oak City, Utah, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Oak City is 0.55%, which is lower than both the Utah state median and the U.S. national median of 0.99%. Local government entities within Oak City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oak City 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 Oak City's effective property tax rate to other counties in Utah and the national median. For comparison, the 84649 zip code has the highest median property tax rate of 0.55%, while the same zip code also has the lowest median tax rate of 0.55%. Understanding how these cities compare with Oak City provides valuable insights into the varying tax landscape across Millard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oak City Tax Rate
0.55%
Average Millard County Tax Rate
0.56%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oak City, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84649 | 0.52% | 0.55% | 0.55% | 0.55% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Oak City, Utah
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Oak City, Utah. 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 Millard 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 Oak City, 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 median home price in Oak City is $306,126, with tax bills ranging from $1,300 at the 25th percentile to $2,938 at the 90th percentile. Notably, the zip code 84649 has both the highest and lowest median tax bill at $1,732. By understanding 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 Oak City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Oak City Assessed Value
$306,126
Average Millard County Assessed Value
$272,297
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oak City, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84649 | $201,958 | $240,792 | $306,126 | $384,959 | $489,997 |
Source: Ownwell
Property Tax Bills Across Oak City, Utah
In Oak City, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with the median home price at $306,126, the property tax rate in Millard County is applied to this assessed value to determine the annual tax bill. Factors such as property improvements, neighborhood developments, and market trends can influence the assessed value, leading to fluctuations in tax bills. Homeowners in Oak City can expect property tax bills to vary significantly. At the 25th percentile, tax bills are around $1,300, while at the 75th percentile, they rise to approximately $2,201. The 90th percentile sees even higher bills, reaching up to $2,938. These variations reflect differences in property values and specific assessments. Compared to the national median property tax rate of 0.99%, Oak City's tax bills are competitive, allowing homeowners to anticipate and budget for their annual expenses effectively. Understanding these factors helps homeowners manage their financial responsibilities and plan for future property-related costs.
Average Oak City Tax Bill
$1,732
Average Millard County Tax Bill
$1,608
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Oak City, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84649 | $996 | $1,300 | $1,732 | $2,201 | $2,938 |
Source: Ownwell