Ferron, Utah Property Taxes
The median property tax rate in Ferron, UT is 0.91%, slightly lower than the national median of 0.99% but significantly higher than the Utah state median of 0.55%. With a median home value of $169,882, the typical annual property tax bill in Ferron reaches $1,670, which is below the national median of $2,690. Property taxes in Ferron are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Ferron'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 Ferron or another part of Emery County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Ferron, 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 Ferron Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Ferron with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Ferron 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 Ferron, Utah
Property taxes in Ferron, Utah, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Ferron is 0.91%, which is slightly below the U.S. national median of 0.99%. Local government entities within Ferron set these rates annually, and they can vary significantly across different neighborhoods. Each year, Ferron 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 Ferron's effective property tax rate to other areas in Utah and the national median. For comparison, the 84523 zip code has both the highest and lowest median property tax rate in the region at 0.91%. Understanding how these areas compare with Ferron 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 Ferron Tax Rate
0.91%
Average Emery County Tax Rate
0.91%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Ferron, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84523 | 0.76% | 0.91% | 0.91% | 0.91% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Ferron, Utah
In Ferron, 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 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 Ferron, 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 Ferron helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Ferron are both $1,670, found in the 84523 zip code.
Average Ferron Assessed Value
$169,882
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 Ferron, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84523 | $87,638 | $116,100 | $169,882 | $232,418 | $281,036 |
Source: Ownwell
Property Tax Bills Across Ferron, Utah
In Ferron, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the home's market value. For instance, with a median home price of $169,882, the assessed value forms the basis for the tax calculation. The tax rate is then applied to this assessed value to determine the annual property tax bill. Various factors influence the final tax bill, including the property's location, size, and improvements. In Ferron, homeowners can expect tax bills to vary significantly. The 25th percentile tax bill is around $1,039, while the 75th percentile reaches approximately $2,151. At the higher end, the 90th percentile tax bill can be as much as $2,712. These property taxes directly impact homeowners by contributing to local services such as schools, infrastructure, and emergency services. Compared to the national median property tax rate of 0.99%, Ferron's rates reflect the unique economic and real estate conditions of the area.
Average Ferron Tax Bill
$1,670
Average Emery County Tax Bill
$1,330
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Ferron, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84523 | $865 | $1,039 | $1,670 | $2,151 | $2,712 |
Source: Ownwell