Springville, Utah Property Taxes
The median property tax rate in Springville, UT is 0.68%, which is lower than the national median of 0.99% but higher than the Utah state median of 0.55%. With a median home value of $275,000 in Springville, the typical annual property tax bill amounts to $1,555, which is below the national median of $2,690. Property taxes in Springville are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Springville'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 Springville 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
Springville, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.68%
Estimate Property Tax Bill
$1,870
Ownwell’s Springville Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential property owners to estimate their annual property taxes in Springville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Springville 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 Springville, Utah
Property taxes in Springville, Utah, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Springville is 0.68%, which is lower than the U.S. national median of 0.99%. Local government entities within Springville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Springville 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 Springville's effective property tax rate to other areas in Utah and the national median. For comparison, the zip code 84663 has a median property tax rate of 0.68%, which is the same as Springville's rate. Understanding how these cities compare with Springville provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Springville Tax Rate
0.68%
Average Washington County Tax Rate
0.40%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Springville, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84663 | 0.68% | 0.68% | 0.68% | 0.68% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Springville, Utah
In Springville, 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 Washington 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 Springville, 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 Springville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,555, found in zip code 84663.
Average Springville Assessed Value
$275,000
Average Washington County Assessed Value
$457,600
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Springville, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84663 | $248,000 | $275,000 | $275,000 | $275,000 | $275,000 |
Source: Ownwell
Property Tax Bills Across Springville, Utah
In Springville, property tax bills are determined by assessing the market value of homes and applying the local tax rate. The assessed value is a percentage of the home's market value, which is then multiplied by the tax rate set by local authorities. For homeowners in Springville, the median home price is $275,000. The tax bill can vary significantly, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $1,555. This suggests a relatively uniform tax rate across different property values. Compared to the national median property tax rate of 0.99%, Springville's tax rate appears to be competitive, providing a predictable financial obligation for homeowners. The property tax bill directly impacts homeowners by influencing their annual housing costs. A consistent tax rate ensures that homeowners can anticipate their expenses, aiding in better financial planning. For those looking to invest in property, understanding these factors is crucial in making informed decisions.
Average Springville Tax Bill
$1,555
Average Washington County Tax Bill
$1,953
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Springville, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84663 | $1,555 | $1,555 | $1,555 | $1,555 | $1,555 |
Source: Ownwell