Lake Point, Utah Property Taxes
The median property tax rate in Lake Point, Utah, is 0.56%, slightly higher than the state median of 0.55% but still below the national median of 0.99%. With a median home value of $566,509, the typical annual property tax bill in Lake Point reaches $3,174, surpassing the national median of $2,690. Property taxes here are calculated based on the assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Lake Point'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 Lake Point or another part of Tooele County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Point, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.56%
Estimate Property Tax Bill
$3,172
Ownwell’s Lake Point Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Point 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 Lake Point, Utah
Property taxes in Lake Point, Utah, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Lake Point is 0.56%, which is lower than both the Utah state median and the U.S. national median of 0.99%. Local government entities within Lake Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Point 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 Lake Point's effective property tax rate to other areas in Tooele County and the national median. For comparison, the zip code 84074 has the highest and lowest median property tax rate of 0.56%. Understanding how these cities compare with Lake Point provides valuable insights into the varying tax landscape across Tooele County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Point Tax Rate
0.56%
Average Tooele County Tax Rate
0.59%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Point, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84074 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Lake Point, Utah
In Lake Point, 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 Tooele 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 Lake Point, 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 Lake Point helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lake Point is $566,509, with the highest and lowest median tax bill both recorded at $3,174 in the 84074 zip code.
Average Lake Point Assessed Value
$566,509
Average Tooele County Assessed Value
$428,538
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Point, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84074 | $465,664 | $521,007 | $566,509 | $606,792 | $687,728 |
Source: Ownwell
Property Tax Bills Across Lake Point, Utah
In Lake Point, located in Tooele County, UT, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and typically represents a percentage of the property's market value. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For Lake Point, homeowners can expect tax bills that vary widely depending on their property's value. For instance, the 25th percentile tax bill is approximately $2,863, while the 75th percentile tax bill is around $3,460. At the higher end, the 90th percentile tax bill reaches up to $3,843. These figures highlight the range of tax obligations homeowners may face. Compared to the national median property tax rate of 0.99%, Lake Point's tax bills reflect the specific assessed values and local tax rates, impacting the financial planning of homeowners. Understanding these factors can help residents anticipate their annual property tax expenses and manage their budgets more effectively.
Average Lake Point Tax Bill
$3,174
Average Tooele County Tax Bill
$2,475
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Point, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84074 | $2,145 | $2,863 | $3,174 | $3,460 | $3,843 |
Source: Ownwell