Niles, Utah Property Taxes
The median property tax rate in Niles, Utah is 0.56%, slightly higher than the state median of 0.55% but still below the national median of 0.99%. With a median home value of $1,161,000 in Niles, the typical annual property tax bill reaches $6,546, significantly exceeding the national median of $2,690. Property taxes in Niles 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 Niles' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Niles 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
Niles, 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 Niles Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Niles with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Niles 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 Niles, Utah
Property taxes in Niles, Utah, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Niles is 0.56%, which is lower than the U.S. national median of 0.99%. Local government entities within Niles set these rates annually, and they can vary significantly across different neighborhoods. Each year, Niles 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 Niles's effective property tax rate to other areas in Utah and the national median. For comparison, the zip code 60714 has both the highest and lowest median property tax rate of 0.56%. Understanding how these areas compare with Niles provides valuable insights into the varying tax landscape across Summit County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Niles Tax Rate
0.56%
Average Summit County Tax Rate
0.52%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Niles, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60714 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Niles, Utah
In Niles, Utah, 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 Summit County Appraisal District 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. 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 Niles helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $6,546, with the zip code 60714.
Average Niles Assessed Value
$1,161,000
Average Summit County Assessed Value
$1,192,250
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Niles, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60714 | $1,161,000 | $1,161,000 | $1,161,000 | $1,161,000 | $1,161,000 |
Source: Ownwell
Property Tax Bills Across Niles, Utah
In Niles, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. Various factors, such as property size, location, and any improvements made, can influence the assessed value. For homeowners in Niles, the median home price is $1,161,000, which significantly impacts the property tax bill. The median property tax bill in Niles is $6,546, which is well above the national median property tax rate of 0.99%. This higher tax bill can affect homeowners by increasing their annual expenses, potentially impacting their overall financial planning. It's essential for homeowners to understand these factors, as they play a crucial role in determining the annual property tax liability and ensuring they are prepared for these costs.
Average Niles Tax Bill
$6,546
Average Summit County Tax Bill
$4,794
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Niles, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60714 | $6,546 | $6,546 | $6,546 | $6,546 | $6,546 |
Source: Ownwell