Lund, Utah Property Taxes
The median property tax rate in Lund, UT is 0.79%, 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 $12,473, the typical annual property tax bill in Lund amounts to $98, significantly below the national median of $2,690. Property taxes in Lund 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 Lund'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 Lund or another part of Iron County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lund, Utah Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$1,100
Ownwell’s Lund Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lund with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lund 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 Lund, Utah
Property taxes in Lund, Utah, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lund is 0.79%, which is lower than both the Utah state median and the U.S. national median of 0.99%. Local government entities within Lund set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lund 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 Lund's effective property tax rate to other counties in Utah and the national median. For comparison, the highest median property tax rate in Utah can be found in zip code 84003 with a rate of 0.95%, while the lowest median tax rate is in zip code 84701 at 0.67%. Understanding how these cities compare with Lund provides valuable insights into the varying tax landscape across Iron County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lund Tax Rate
0.79%
Average Iron County Tax Rate
0.74%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lund, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Lund, Utah
In Lund, 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 Iron 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 Lund, 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 Lund helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest tax bills are seen in zip codes with values up to $1,029, while the lowest tax bills are around $74.
Average Lund Assessed Value
$12,473
Average Iron County Assessed Value
$176,312
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lund, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Lund, Utah
In Lund, located in Iron County, UT, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the county assessor and generally reflects a percentage of the property's market value. The median home price in Lund is $12,473, which is significantly lower than the national median. This lower market value translates to comparatively lower property tax bills for homeowners. Factors considered in determining the tax bill include the property's size, location, and any improvements made. Additionally, local tax rates and levies set by various taxing authorities, such as school districts and municipal services, play a crucial role. For instance, in Iron County, the tax bill for the 25th percentile is around $74, while the 75th percentile reaches $209. The 90th percentile tax bill can go up to $1,029. These property tax bills impact homeowners by influencing their overall housing costs. Lower tax bills can make homeownership more affordable, whereas higher taxes may necessitate budget adjustments. Understanding how these taxes are calculated helps homeowners anticipate their annual expenses and plan accordingly.
Average Lund Tax Bill
$98
Average Iron County Tax Bill
$974
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Lund, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell