Orem, Utah Property Taxes
In Orem, Utah, the median property tax rate is 0.42%, significantly lower than both the national median of 0.99% and the Utah state median of 0.55%. With a median home value of $444,000 in Orem, the typical annual property tax bill amounts to $1,854, which is also below the national median of $2,690. Property taxes in Orem are calculated based on the assessed value, generally lower than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Orem'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 Orem or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Orem, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$1,865
Ownwell’s Orem Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Orem with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Orem 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 Orem, Utah
Property taxes in Orem, Utah, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Orem is 0.42%, significantly lower than both the Utah state median of 0.58% and the U.S. national median of 0.99%. Local government entities within Orem set these rates annually, and they can vary significantly across different neighborhoods. Each year, Orem 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 Orem's effective property tax rate to other counties in Utah and the national median. For comparison, the 84097 zip code has the highest median property tax rate of 0.42%, while the 84059 zip code has the lowest median tax rate of 0.42%. Understanding how these cities compare with Orem provides valuable insights into the varying tax landscape across Utah County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Orem Tax Rate
0.42%
Average Utah County Tax Rate
0.47%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Orem, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84057 | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
| 84058 | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
| 84059 | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
| 84097 | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
Source: Ownwell
Property Tax Assessment Values Across Orem, Utah
In Orem, 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 Utah 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 Orem, 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 Orem helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Orem is $2,117 in the 84097 zip code, while the lowest median tax bill is $1,765 in the 84057 zip code.
Average Orem Assessed Value
$444,000
Average Utah County Assessed Value
$478,000
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Orem, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84057 | $278,800 | $345,900 | $421,800 | $479,600 | $556,060 |
| 84058 | $255,300 | $343,200 | $434,900 | $522,300 | $664,040 |
| 84059 | $380,400 | $392,200 | $424,300 | $529,800 | $707,500 |
| 84097 | $390,600 | $440,025 | $508,650 | $641,600 | $852,400 |
Source: Ownwell
Property Tax Bills Across Orem, Utah
In Orem, located in Utah County, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is multiplied by the local tax rate to determine the annual tax bill. For example, the median home price in Orem is $444,000. Tax bills can vary significantly, with the 25th percentile at $1,557 and the 75th percentile at $2,222. Homeowners in the 90th percentile may see tax bills as high as $2,854. Several factors influence the tax bill, including property size, location, and market conditions. For instance, properties in the 84097 zip code have the highest median tax bill at $2,117, while those in the 84057 zip code have the lowest at $1,765. These variations can significantly impact homeowners, affecting their monthly mortgage payments and overall financial planning. Compared to the national median property tax rate of 0.99%, Orem's rates reflect the region's unique economic and market conditions.
Average Orem Tax Bill
$1,854
Average Utah County Tax Bill
$2,288
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Orem, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84057 | $1,145 | $1,435 | $1,765 | $2,013 | $2,344 |
| 84058 | $1,009 | $1,428 | $1,819 | $2,191 | $2,784 |
| 84059 | $1,589 | $1,635 | $1,774 | $2,236 | $3,029 |
| 84097 | $1,579 | $1,824 | $2,117 | $2,683 | $3,569 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | September 15 |
| Tax Bill | |
| Issued | October 1 |
Links | |
|---|---|
| Utah Tax Assessor | |
| Phone | (801) 851-8109 |
| Website | www.utahcounty.gov |