Portage, Utah Property Taxes
The median property tax rate in Portage, Utah is 0.53%, which is notably lower than both the national median of 0.99% and the Utah state median of 0.55%. With the median home value in Portage at $314,920, the typical annual property tax bill is $1,616, significantly below the national median of $2,690. Property taxes in Portage are calculated based on the tax assessed value, often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Portage'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 Portage 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
Portage, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$1,669
Ownwell’s Portage Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Portage with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Portage 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 Portage, Utah
Property taxes in Portage, Utah, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Portage is 0.53%, which is below the U.S. national median of 0.99%. Local government entities within Portage set these rates annually, and they can vary significantly across different neighborhoods. Each year, Portage 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 Portage's effective property tax rate to other areas in Utah and the national median. For comparison, the 84331 zip code has both the highest and lowest median property tax rate of 0.53%. Understanding how these areas compare with Portage 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 Portage Tax Rate
0.53%
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 Portage, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84331 | 0.47% | 0.50% | 0.53% | 0.55% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Portage, Utah
In Portage, 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 Portage, 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 Portage helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Portage is $1,616 in zip code 84331, while the lowest is also $1,616 in the same zip code.
Average Portage Assessed Value
$314,920
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 Portage, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84331 | $189,634 | $252,765 | $314,920 | $397,349 | $570,181 |
Source: Ownwell
Property Tax Bills Across Portage, Utah
In Portage, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value of the property, which in Portage has a median home price of $314,920. The local tax rate then determines the final tax bill. For example, homeowners in Portage can expect tax bills to range significantly, with the 25th percentile at $1,223 and the 75th percentile at $2,330. At the 90th percentile, tax bills can go up to $2,988. Several factors influence these tax bills, including property location, home value, and applicable exemptions or deductions. The median property tax bill in Portage is $1,616, which is lower than the national median property tax rate of 0.99%. This relatively lower tax rate can be a financial relief for homeowners, making property ownership more affordable compared to other regions. Understanding these factors can help homeowners anticipate their annual property tax expenses and plan their finances accordingly.
Average Portage Tax Bill
$1,616
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 Portage, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84331 | $757 | $1,223 | $1,616 | $2,330 | $2,988 |
Source: Ownwell