New Harmony, Utah Property Taxes
The median property tax rate in New Harmony, UT is 0.44%, considerably lower than both the national median of 0.99% and the Utah state median of 0.55%. With the median home value in New Harmony at $786,771, the typical annual property tax bill reaches $3,444, surpassing the national median of $2,690. Property taxes in New Harmony 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 New Harmony'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 New Harmony 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
New Harmony, 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 New Harmony Property Tax Bill Calculator empowers homeowners, real estate investors, or potential buyers to estimate their annual property taxes in New Harmony with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Harmony to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities and make informed financial decisions. 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 Iron County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across New Harmony, Utah
Property taxes in New Harmony, Utah, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Harmony is 0.44%, which is significantly lower than both the Utah state median and the U.S. national median of 0.99%. Local government entities within New Harmony set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Harmony 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 New Harmony's effective property tax rate to other counties in Utah and the national median. For comparison, the zip code 84757 has both the highest and lowest median property tax rate of 0.44%. Understanding how these areas compare with New Harmony 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 New Harmony Tax Rate
0.44%
Average Iron County Tax Rate
0.74%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Harmony, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84757 | 0.43% | 0.44% | 0.44% | 0.44% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across New Harmony, Utah
In New Harmony, 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 New Harmony, 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 New Harmony helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 84757, both at $3,444.
Average New Harmony Assessed Value
$786,771
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 New Harmony, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84757 | $700,194 | $752,863 | $786,771 | $1,115,114 | $1,441,543 |
Source: Ownwell
Property Tax Bills Across New Harmony, Utah
In New Harmony, located in Iron County, UT, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The median home price in New Harmony is $786,771, and the property tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and market conditions are considered during the assessment process. For homeowners in New Harmony, the 25th percentile tax bill is $3,290, while those in the 75th percentile pay around $4,860. At the higher end, the 90th percentile tax bill reaches $8,389. The highest and lowest median tax bills in the area both stand at $3,444, reflecting the consistency in tax assessments within the region. Compared to the national median property tax rate of 0.99%, New Harmony's property taxes can significantly impact homeowners, making it essential for them to understand how their tax bills are calculated and what factors influence these costs.
Average New Harmony Tax Bill
$3,444
Average Iron County Tax Bill
$974
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across New Harmony, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84757 | $3,078 | $3,290 | $3,444 | $4,860 | $8,389 |
Source: Ownwell