Milford, Utah Property Taxes
The median property tax rate in Milford, UT is 0.57%, slightly higher than the Utah state median of 0.55% but significantly lower than the national median of 0.99%. With a median home value of $118,832 in Milford, the typical annual property tax bill is $731, well below the national median of $2,690. Property taxes in Milford are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Milford'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 Milford 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
Milford, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.57%
Estimate Property Tax Bill
$677
Ownwell’s Milford Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milford with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milford 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 Milford, Utah
Property taxes in Milford, Utah, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milford is 0.57%, which is lower than both the Utah state median and the U.S. national median of 0.99%. Local government entities within Milford set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milford 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 Milford's effective property tax rate to other counties in Utah and the national median. For comparison, the zip code 84751 has the highest median property tax rate of 0.57%, while the same zip code 84751 also has the lowest median tax rate of 0.57%. Understanding how these cities compare with Milford provides valuable insights into the varying tax landscape across Beaver County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milford Tax Rate
0.57%
Average Beaver County Tax Rate
0.57%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milford, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84751 | 0.57% | 0.57% | 0.57% | 0.57% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Milford, Utah
In Milford, 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 Beaver 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 Milford, 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. The highest and lowest median tax bills in the area are both $731, found in the zip code 84751. Being aware of these valuation processes in Milford helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milford Assessed Value
$118,832
Average Beaver County Assessed Value
$175,000
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milford, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84751 | $68,468 | $86,632 | $118,832 | $188,392 | $242,503 |
Source: Ownwell
Property Tax Bills Across Milford, Utah
In Milford, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value typically reflects a percentage of the home's market value. For example, with a median home price of $118,832, the assessed value forms the basis for the tax rate application. Milford's property tax rate is applied to this assessed value to determine the final tax bill. Several factors influence the tax bill, including property characteristics, local tax rates, and any applicable exemptions. Homeowners in Milford can expect a range of property tax bills. At the 25th percentile, tax bills are around $535, while at the 75th percentile, they reach approximately $1,085. The 90th percentile sees tax bills as high as $1,415. These property taxes significantly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Understanding these factors helps homeowners anticipate their annual expenses and plan accordingly. Compared to the national median property tax rate of 0.99%, Milford's tax bills reflect the local economic and property value conditions.
Average Milford Tax Bill
$731
Average Beaver County Tax Bill
$1,101
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Milford, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84751 | $443 | $535 | $731 | $1,085 | $1,415 |
Source: Ownwell