Thompson, Utah Property Taxes
The median property tax rate in Thompson, UT is 0.86%, higher than both the national median of 0.99% and the Utah state median of 0.55%. With a median home value of $236,747 in Thompson, the typical annual property tax bill reaches $2,033, which is still below the national median of $2,690. Property taxes in Thompson 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 Thompson'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 Thompson 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
Thompson, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.86%
Estimate Property Tax Bill
$2,036
Ownwell’s Thompson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thompson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thompson 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 Thompson, Utah
Property taxes in Thompson, Utah, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Thompson is 0.51%, which is significantly lower than both the Utah state median of 0.56% and the U.S. national median of 0.99%. Local government entities within Thompson set these rates annually, and they can vary across different neighborhoods. Each year, Thompson 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 Thompson's effective property tax rate to other counties in Utah and the national median. For comparison, the highest median property tax rate in Grand County is also 0.51%, while the lowest median tax rate is likewise 0.51%. Understanding how these cities compare with Thompson provides valuable insights into the varying tax landscape across Grand County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thompson Tax Rate
0.86%
Average Grand County Tax Rate
0.92%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thompson, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84540 | 0.86% | 0.86% | 0.86% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Thompson, Utah
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Thompson, Utah. 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 Grand 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 Thompson, 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 Thompson helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Thompson are both $2,033, found in the 84540 zip code.
Average Thompson Assessed Value
$236,747
Average Grand County Assessed Value
$475,396
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thompson, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84540 | $236,747 | $236,747 | $236,747 | $236,747 | $236,747 |
Source: Ownwell
Property Tax Bills Across Thompson, Utah
In Thompson, located in Grand County, UT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and typically reflects a percentage of the market value of the property. For homeowners in Thompson, the median home price stands at $236,747. The property tax rate in Thompson is relatively straightforward, resulting in a median tax bill of $2,033. This amount is consistent across various percentiles, indicating a uniform tax rate application within the area. When compared to the national median property tax rate of 0.99%, Thompson's tax rate translates to a significant financial consideration for homeowners. The tax bill impacts homeowners by influencing their annual housing expenses, potentially affecting affordability and long-term financial planning. Understanding how these tax bills are calculated helps homeowners better anticipate their yearly financial obligations and make informed decisions about property ownership in Thompson.
Average Thompson Tax Bill
$2,033
Average Grand County Tax Bill
$4,126
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Thompson, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84540 | $2,033 | $2,033 | $2,033 | $2,033 | $2,033 |
Source: Ownwell