These areas are a product of the fact that counties, cities, school districts and water districts can all levy property taxes. There are more than 1,000 different property tax areas in Utah, each with a separate rate. Your local tax rates apply to that taxable value. Thus, if the market value of your home is $100,000, the taxable value is just $55,000. Residential property in Utah receives a 45% property tax exemption. Between appraisals, that market value is adjusted based on sales data and other factors.
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The purpose of this appraisal is to calculate full market value. By state law, county assessors are required to physical inspect and appraise all property within their county at least once every five years. The first step in Utah’s property tax system is the valuation of property. The state sets certain guidelines and assists counties with administering the property tax, but counties are responsible for the appraisal of property and the calculation of tax rates. Property taxes in Utah are largely handled at the county level. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If low property taxes sound enticing, or you're considering refinancing a property in Utah, our Utah mortgage guide provides homebuying information specific to the Utah housing market.Ī financial advisor can help you understand how homeownership fits into your overall financial goals. In turn, Utah’s average effective property tax rate is 0.5 8%, eventh11th-lowest in the U.S.
That exemption keeps property taxes for most homeowners quite low. That means only 55% of a home’s value is subject to taxation. Residential properties that are the primary residence of the homeowner in Utah receive a property tax exemption of 45%. Utah Property Taxes Photo credit: ©/DenisTangneyJr
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