Monticello, Utah Property Taxes
The median property tax rate in Monticello, UT, is 0.76%, notably lower than the national median of 0.99% but higher than the Utah state median of 0.55%. With a median home value of $190,789 in Monticello, the typical annual property tax bill is approximately $1,431, which is below the national median of $2,690. Property taxes in Monticello 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 Monticello'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 Monticello 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
Monticello, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$1,450
Ownwell’s Monticello Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monticello with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monticello 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 Monticello, Utah
Property taxes in Monticello, Utah, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Monticello is 0.76%, which is lower than the U.S. national median of 0.99%. Local government entities within Monticello set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monticello 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 Monticello's effective property tax rate to other counties in Utah and the national median. For comparison, the 84535 zip code has both the highest and lowest median property tax rate of 0.76%. Understanding how these cities compare with Monticello provides valuable insights into the varying tax landscape across San Juan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monticello Tax Rate
0.76%
Average San Juan County Tax Rate
0.74%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monticello, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84535 | 0.62% | 0.76% | 0.76% | 0.76% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Monticello, Utah
In Monticello, 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 San Juan 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 Monticello, 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. Notably, the median home price in Monticello is $190,789. The tax bill at the 25th percentile is $924, while the 75th percentile tax bill is $1,889, and the 90th percentile tax bill reaches $2,475. The highest and lowest median tax bills are both $1,431 in the 84535 zip code. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined.
Average Monticello Assessed Value
$190,789
Average San Juan County Assessed Value
$196,330
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monticello, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84535 | $77,575 | $126,634 | $190,789 | $251,476 | $329,686 |
Source: Ownwell
Property Tax Bills Across Monticello, Utah
In Monticello, located in San Juan County, UT, property tax bills are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. For example, if the median home price is $190,789, the assessed value would be a portion of this amount. The local tax rate is then applied to the assessed value to determine the annual tax bill. Various factors influence the assessed value, including the property's location, size, and condition. The median property tax bill in Monticello ranges from $924 at the 25th percentile to $2,475 at the 90th percentile. This variability means that homeowners with higher-value properties or those in more desirable locations may face higher tax bills. Compared to the national median property tax rate of 0.99%, Monticello's property tax rates can significantly impact homeowners, affecting their annual financial planning and the overall cost of homeownership.
Average Monticello Tax Bill
$1,431
Average San Juan County Tax Bill
$1,457
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Monticello, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84535 | $574 | $924 | $1,431 | $1,889 | $2,475 |
Source: Ownwell