Elmo, Utah Property Taxes
The median property tax rate in ELMO, UT is 0.93%, slightly lower than the national median of 0.99% but significantly higher than Utah's state median of 0.55%. With the median home value in ELMO at $123,811, the typical annual property tax bill reaches $1,084, which is below the national median of $2,690. Property taxes in ELMO 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 ELMO'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 ELMO 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
Elmo, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$1,151
Ownwell’s ELMO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ELMO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ELMO 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 Elmo, Utah
Property taxes in Elmo, Utah, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elmo is 0.93%, which is lower than the U.S. national median of 0.99%. Local government entities within Elmo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elmo 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 Elmo's effective property tax rate to other areas in Utah and the national median. For comparison, the 84521 zip code has a median property tax rate of 0.93%, which is the same as Elmo. Understanding how these cities compare with Elmo provides valuable insights into the varying tax landscape across Emery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Elmo Tax Rate
0.93%
Average Emery County Tax Rate
0.91%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elmo, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84521 | 0.73% | 0.77% | 0.93% | 0.93% | 0.97% |
Source: Ownwell
Property Tax Assessment Values Across Elmo, Utah
In ELMO, 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 Emery 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 ELMO, 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 ELMO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in ELMO both stand at $1,084, found in the 84521 zip code.
Average Elmo Assessed Value
$123,811
Average Emery County Assessed Value
$143,069
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Elmo, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84521 | $44,537 | $83,358 | $123,811 | $195,870 | $232,521 |
Source: Ownwell
Property Tax Bills Across Elmo, Utah
In ELMO, located in Emery County, UT, property tax bills are determined by several key factors. The assessed value of a home is the primary basis for calculating the tax bill, which is derived from the market value of the property. The median home price in ELMO is $123,811, and property tax rates are applied to this assessed value to determine the final tax bill. Homeowners in ELMO can expect to see a range of tax bills. For instance, the 25th percentile tax bill is around $700, reflecting lower property values or exemptions. On the higher end, the 75th percentile tax bill reaches $1,639, and the 90th percentile can go up to $2,143. These figures illustrate the variability in tax burdens based on property values and local tax rates. Compared to the national median property tax rate of 0.99%, ELMO's property tax rates can significantly impact homeowners, influencing their annual financial planning and long-term investment in their properties.
Average Elmo Tax Bill
$1,084
Average Emery County Tax Bill
$1,330
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Elmo, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84521 | $397 | $700 | $1,084 | $1,639 | $2,143 |
Source: Ownwell