Park Valley, Utah Property Taxes
The median property tax rate in Park Valley, UT is 0.47%, significantly lower than both the national median of 0.99% and the Utah state median of 0.55%. With a median home value of $173,231 in Park Valley, the typical annual property tax bill is $890, well below the national median of $2,690. Property taxes in Park Valley are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Park Valley'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 Park Valley 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
Park Valley, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$814
Ownwell’s Park Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Park Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Park Valley 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 Park Valley, Utah
Property taxes in Park Valley, Utah, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Park Valley is 0.47%, which is lower than the U.S. national median of 0.99%. Local government entities within Park Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Park Valley 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 Park Valley's effective property tax rate to other areas in Utah and the national median. For comparison, the 84329 zip code has both the highest and lowest median property tax rate of 0.47%. Understanding how these areas compare with Park Valley 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 Park Valley Tax Rate
0.47%
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 Park Valley, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84329 | 0.43% | 0.45% | 0.47% | 0.62% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Park Valley, Utah
In Park Valley, 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 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 Park Valley, 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 Park Valley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bill in the area is $890.00 in the 84329 zip code.
Average Park Valley Assessed Value
$173,231
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 Park Valley, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84329 | $26,821 | $79,921 | $173,231 | $257,816 | $375,120 |
Source: Ownwell
Property Tax Bills Across Park Valley, Utah
In Park Valley, Box Elder County, UT, property tax bills are calculated based on the assessed value of your home, which is determined by local assessors. The assessed value is then multiplied by the local property tax rate. In Park Valley, the median home price is $173,231, and homeowners can expect to pay varying amounts depending on their property's assessed value and the applicable exemptions. For instance, property tax bills in this area range significantly. At the 25th percentile, homeowners pay around $403, while those at the 75th percentile see bills closer to $1,333. At the 90th percentile, the tax bill can reach up to $1,970. These figures show that property taxes can have a considerable impact on household budgets. Compared to the national median property tax rate of 0.99%, Park Valley offers a relatively modest tax burden, making it an attractive location for homeowners seeking affordability. However, understanding the local assessment process and potential exemptions is crucial to managing your property tax expenses effectively.
Average Park Valley Tax Bill
$890
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 Park Valley, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84329 | $162 | $403 | $890 | $1,333 | $1,970 |
Source: Ownwell