Park City, Utah Property Taxes
The median property tax rate in Park City, UT is 0.64%, slightly lower than the national median of 0.99% but higher than the Utah state median of 0.55%. With the median home value in Park City at $345,700, the typical annual property tax bill amounts to $2,227, which is below the national median of $2,690. Property taxes in Park City are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Park City'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 Park City 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 City, 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 Park City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Park City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Park City 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 City, Utah
Property taxes in Park City, Utah, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Park City is 0.64%, which is lower than the U.S. national median of 0.99%. Local government entities within Park City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Park City 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 City's effective property tax rate to other areas in Utah and the national median. For comparison, the 84098 zip code has the highest median property tax rate of 0.64%, while the 84098 zip code also has the lowest median tax rate of 0.64%. Understanding how these areas compare with Park City provides valuable insights into the varying tax landscape across Salt Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Park City Tax Rate
0.64%
Average Salt Lake County Tax Rate
0.56%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Park City, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84098 | 0.64% | 0.64% | 0.64% | 0.64% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Park City, Utah
In Park City, 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 Salt Lake 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 Park City, 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 City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 84098, with a median tax bill of $2,227. Similarly, the zip code with the lowest median tax bill is also 84098, with the same median tax bill of $2,227.
Average Park City Assessed Value
$345,700
Average Salt Lake County Assessed Value
$475,200
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Park City, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84098 | $345,700 | $345,700 | $345,700 | $345,700 | $345,700 |
Source: Ownwell
Property Tax Bills Across Park City, Utah
In Park City, property tax bills are calculated based on the assessed value of a home, which is determined by the local county assessor's office. The assessed value is a percentage of the market value of the property. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, in Salt Lake County, where Park City is located, homeowners face a median tax bill of $2,227. Several factors influence the final tax bill, including the property's location, size, and market conditions. Additionally, local levies for schools, infrastructure, and public services can impact the overall tax rate. Homeowners in Park City experience property tax rates that are relatively consistent, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $2,227. This uniformity in tax bills helps homeowners predict their annual expenses more reliably. Compared to the national median property tax rate of 0.99%, Park City's property tax rates provide a stable and predictable financial landscape for residents.
Average Park City Tax Bill
$2,227
Average Salt Lake County Tax Bill
$2,800
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Park City, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84098 | $2,227 | $2,227 | $2,227 | $2,227 | $2,227 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | September 15 |
| Tax Bill | |
| Issued | October 1 |
Links | |
|---|---|
| Salt Lake Tax Assessor | |
| Phone | (385) 468-7200 |
| Website | slco.org |
| propertytaxappeals@slco.org | |