Monroe, Utah Property Taxes
The median property tax rate in Monroe, UT is 0.51%, which is notably lower than both the national median of 0.99% and the Utah state median of 0.55%. With the median home value in Monroe at $330,294, the typical annual property tax bill amounts to $1,707, significantly below the national median of $2,690. Property taxes in Monroe are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Monroe'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 Monroe or another part of Sevier County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monroe, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.51%
Estimate Property Tax Bill
$1,684
Ownwell’s Monroe Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Monroe, UT with just two simple inputs. By entering your property's estimated assessed value, the calculator uses the median tax rate in Monroe to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and make informed financial decisions. For those interested in more granular insights, localized neighborhood trends are available further down the page. Your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Monroe, Utah
Property taxes in Monroe, Utah, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroe is 0.51%, significantly lower than both the Utah state median and the U.S. national median of 0.99%. Local government entities within Monroe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroe 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 Monroe's effective property tax rate to other counties in Utah and the national median. For comparison, the zip code 84754 has both the highest and lowest median property tax rate of 0.51%. Understanding how these areas compare with Monroe provides valuable insights into the varying tax landscape across Sevier County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monroe Tax Rate
0.51%
Average Sevier County Tax Rate
0.55%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84754 | 0.43% | 0.50% | 0.51% | 0.51% | 0.60% |
Source: Ownwell
Property Tax Assessment Values Across Monroe, Utah
In Monroe, 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 Sevier 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 Monroe, 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 Monroe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Monroe is $330,294, with the highest and lowest median tax bills both recorded at $1,707 in the zip code 84754.
Average Monroe Assessed Value
$330,294
Average Sevier County Assessed Value
$296,622
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monroe, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84754 | $196,979 | $248,334 | $330,294 | $443,413 | $557,367 |
Source: Ownwell
Property Tax Bills Across Monroe, Utah
In Monroe, Sevier County, UT, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The 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 $330,294, homeowners can expect to pay varying amounts depending on their home's assessed value and the specific tax rate applied. Factors influencing the tax bill include property size, location, and market conditions. In Monroe, the 25th percentile tax bill is $1,269, while the 75th percentile reaches $2,285, and the 90th percentile can be as high as $2,905. These figures indicate that property taxes can significantly impact household budgets, especially for those with higher-valued properties. Comparatively, Monroe's tax rates are competitive, offering a balance between necessary public funding and homeowner affordability. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Monroe Tax Bill
$1,707
Average Sevier County Tax Bill
$1,616
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84754 | $918 | $1,269 | $1,707 | $2,285 | $2,905 |
Source: Ownwell