Elwood, Utah Property Taxes
The median property tax rate in Elwood, Utah is 0.28%, significantly lower than both the national median of 0.99% and the Utah state median of 0.55%. With the median home value in Elwood, the typical annual property tax bill reaches $10,472, far exceeding the national median of $2,690. Property taxes in Elwood are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Elwood'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 Elwood 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
Elwood, Utah Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,100
Ownwell’s Elwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elwood 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 Elwood, Utah
Property taxes in Elwood, Utah, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elwood is 0.28%, significantly lower than both the Utah state median and the U.S. national median of 0.99%. Local government entities within Elwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elwood 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 these rates are determined provides valuable insights into the varying tax landscape across Box Elder County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elwood Tax Rate
0.28%
Average Box Elder County Tax Rate
0.49%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elwood, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84337 | 0.28% | 0.28% | 0.28% | 0.28% | 0.28% |
Source: Ownwell
Property Tax Assessment Values Across Elwood, Utah
In Elwood, 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 Box Elder 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 Elwood, 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 Elwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $10,472, found in the 84337 zip code.
Average Elwood Assessed Value
$3,712,668
Average Box Elder County Assessed Value
$420,318
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elwood, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84337 | $3,712,668 | $3,712,668 | $3,712,668 | $3,712,668 | $3,712,668 |
Source: Ownwell
Property Tax Bills Across Elwood, Utah
In Elwood, Box Elder County, Utah, property tax bills are calculated based on the assessed value of a home, which is determined by county assessors. The assessed value is a percentage of the property's market value. For instance, with a median home price of $3,712,668, the assessed value is calculated, and the local tax rate is applied to this value to determine the tax bill. Factors such as property location, improvements, and market conditions are considered in the assessment process. Homeowners in Elwood experience a median tax bill of $10,472, which is significantly higher than the national median property tax rate of 0.99%. This higher tax bill reflects the relatively high property values in the area. The tax bill can have a substantial impact on homeowners, influencing their overall cost of living and financial planning. Accurate assessments and understanding of how these taxes are calculated are crucial for homeowners to manage their expenses effectively.
Average Elwood Tax Bill
$10,472
Average Box Elder County Tax Bill
$1,988
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Elwood, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84337 | $10,472 | $10,472 | $10,472 | $10,472 | $10,472 |
Source: Ownwell