Oakley, Utah Property Taxes
The median property tax rate in Oakley, UT is 0.33%, significantly lower than both the national median of 0.99% and the Utah state median of 0.55%. With the median home value in Oakley at $661,732, the typical annual property tax bill amounts to $2,476, which is below the national median of $2,690. Property taxes in Oakley are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Oakley'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 Oakley 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
Oakley, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.33%
Estimate Property Tax Bill
$2,184
Ownwell’s Oakley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Oakley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Oakley 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 Oakley, Utah
Property taxes in Oakley, Utah, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakley is 0.33%, significantly lower than both the Utah state median and the U.S. national median of 0.99%. Local government entities within Oakley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oakley 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 Oakley's effective property tax rate to other counties in Utah and the national median. For comparison, Summit County has the highest median property tax rate of 0.33%, while other counties in Utah may have different rates. Understanding how these cities compare with Oakley 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 Oakley Tax Rate
0.33%
Average Summit County Tax Rate
0.52%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakley, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84055 | 0.33% | 0.33% | 0.33% | 0.52% | 0.59% |
Source: Ownwell
Property Tax Assessment Values Across Oakley, Utah
In Oakley, 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 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 Oakley, 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 Oakley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Oakley is $2,476 in zip code 84055, while the lowest is also $2,476 in the same zip code.
Average Oakley Assessed Value
$661,732
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 Oakley, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84055 | $319,076 | $469,288 | $661,732 | $867,765 | $1,583,177 |
Source: Ownwell
Property Tax Bills Across Oakley, Utah
In Oakley, located in Summit County, UT, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessment considers various factors, such as the property's size, location, and market conditions. The assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. In Oakley, the tax rate is applied uniformly, but the actual bill can vary significantly among homeowners. For instance, the median home price in Oakley is $661,732, leading to tax bills that range from $1,933 at the 25th percentile to $6,406 at the 90th percentile. These figures highlight how property tax bills can fluctuate based on property values and local tax rates. With the national median property tax rate at 0.99%, Oakley's property tax bills can be relatively high, impacting homeowners by adding a significant annual expense. Understanding these factors can help homeowners better anticipate their financial obligations.
Average Oakley Tax Bill
$2,476
Average Summit County Tax Bill
$4,794
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakley, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84055 | $1,347 | $1,933 | $2,476 | $3,578 | $6,406 |
Source: Ownwell