Lynndyl, Utah Property Taxes
The median property tax rate in Lynndyl, Utah is 0.55%, aligning with the state median but notably lower than the national median of 0.99%. With a median home value of $239,367 in Lynndyl, the typical annual property tax bill amounts to $1,399, significantly below the national median of $2,690. Property taxes in Lynndyl are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lynndyl'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 Lynndyl 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
Lynndyl, 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 Lynndyl Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lynndyl with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lynndyl 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 Lynndyl, Utah
Property taxes in Lynndyl, Utah, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynndyl is 0.55%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Lynndyl set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynndyl 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 Lynndyl's effective property tax rate to other areas in Millard County and the national median. For comparison, the zip code 84640 has the highest median property tax rate of 0.55%, while the same zip code also has the lowest median tax rate of 0.55%. Understanding how these areas compare with Lynndyl provides valuable insights into the varying tax landscape across Millard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lynndyl Tax Rate
0.55%
Average Millard County Tax Rate
0.56%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynndyl, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84640 | 0.53% | 0.54% | 0.55% | 0.56% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Lynndyl, Utah
In Lynndyl, 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 Millard 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 Lynndyl, 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. The median home price in Lynndyl is $239,367, with the 25th percentile tax bill at $1,009 and the 75th percentile tax bill at $2,368. The highest and lowest median tax bill in the area is $1,399, found in zip code 84640. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lynndyl Assessed Value
$239,367
Average Millard County Assessed Value
$272,297
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lynndyl, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84640 | $143,964 | $176,226 | $239,367 | $375,053 | $497,410 |
Source: Ownwell
Property Tax Bills Across Lynndyl, Utah
In Lynndyl, located in Millard County, UT, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor's office. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For instance, with a median home price of $239,367, homeowners can expect varying tax bills. The 25th percentile tax bill is $1,009, while the 75th percentile is $2,368, and the 90th percentile reaches $3,295. Several factors influence the tax bill, including the home's market value, any applicable exemptions, and the specific tax rate set by local authorities. Homeowners in Lynndyl benefit from generally lower property tax rates compared to the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances effectively. This system ensures that property taxes are fairly distributed based on property values, providing essential funding for local services and infrastructure.
Average Lynndyl Tax Bill
$1,399
Average Millard County Tax Bill
$1,608
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynndyl, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84640 | $753 | $1,009 | $1,399 | $2,368 | $3,295 |
Source: Ownwell