Oakley, Idaho Property Taxes
The median property tax rate in Oakley, Idaho is 0.38%, significantly lower than both the national median of 0.99% and the Idaho state median of 0.50%. With the median home value in Oakley at $183,948, the typical annual property tax bill amounts to $709, which is well 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 such as the primary residence and agricultural exemptions. Understanding Oakley'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 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, Idaho Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.38%
Estimate Property Tax Bill
$699
$649
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, Idaho
Property taxes in Oakley, Idaho, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Oakley is 0.38%, which is significantly lower than 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. Understanding how Oakley's property tax rate compares with other regions provides valuable insights into the varying tax landscape across Cassia County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Oakley Tax Rate
0.38%
Average Cassia County Tax Rate
0.38%
Average Idaho Tax Rate
0.50%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oakley, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83346 | 0.29% | 0.32% | 0.38% | 0.66% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Oakley, Idaho
In Oakley, Idaho, 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 Cassia 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. 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 $709 in the zip code 83346, which is also the lowest median tax bill in the area.
Average Oakley Assessed Value
$183,948
Average Cassia County Assessed Value
$232,517
Average Idaho Assessed Value
$374,698
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Oakley, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83346 | $33,014 | $101,050 | $183,948 | $335,249 | $480,212 |
Source: Ownwell
Property Tax Bills Across Oakley, Idaho
In Oakley, Cassia County, ID, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This value is then multiplied by the local property tax rate. The median home price in Oakley is $183,948, with property tax bills ranging from $393 at the 25th percentile to $2,016 at the 90th percentile. The median property tax bill stands at $709, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, including the home's assessed value, local tax rates, and any applicable exemptions. For homeowners, this means that property taxes can vary widely even within the same city. The lower tax rates in Oakley can make homeownership more affordable compared to other regions, but it's crucial for homeowners to stay informed about their property's assessed value and any potential changes in local tax policies.
Average Oakley Tax Bill
$709
Average Cassia County Tax Bill
$844
Average Idaho Tax Bill
$1,894
Average United States Tax Bill
$2,690
Property Tax Bills Across Oakley, Idaho
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 83346 | $137 | $393 | $709 | $1,340 | $2,016 |
Source: Ownwell