Parowan, Utah Property Taxes
The median property tax rate in Parowan, UT is 0.45%, considerably lower than both the national median of 0.99% and the Utah state median of 0.55%. With the median home value in Parowan at $300,677, the typical annual property tax bill reaches $1,423, significantly below the national median of $2,690. Property taxes in Parowan 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 Parowan'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 Parowan 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
Parowan, 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 Parowan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parowan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parowan 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 Parowan, Utah
Property taxes in Parowan, Utah, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parowan is 0.45%, significantly lower than both the Utah state median and the U.S. national median of 0.99%. Local government entities within Parowan set these rates annually, and they can vary across different neighborhoods. Each year, Parowan 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 Parowan's effective property tax rate to other counties in Utah and the national median. For comparison, the zip code 84761 has the highest median property tax rate of 0.45%, while the same zip code also has the lowest median tax rate of 0.45%. Understanding how these cities compare with Parowan 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 Parowan Tax Rate
0.45%
Average Iron County Tax Rate
0.74%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parowan, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84761 | 0.45% | 0.45% | 0.45% | 0.75% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Parowan, Utah
In Parowan, 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 Parowan, 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 Parowan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 84761 has the highest and lowest median tax bill at $1,423.
Average Parowan Assessed Value
$300,677
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 Parowan, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84761 | $72,314 | $174,784 | $300,677 | $434,410 | $641,852 |
Source: Ownwell
Property Tax Bills Across Parowan, Utah
In Parowan, located in Iron County, UT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The median home price in Parowan is $300,677. Homeowners' tax bills can vary significantly, with the 25th percentile tax bill at $933 and the 75th percentile tax bill at $2,096. For those in the 90th percentile, tax bills can rise to $3,064. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. The assessed value is a percentage of the market value, which is then multiplied by the local tax rate to determine the annual property tax. Compared to the national median property tax rate of 0.99%, Parowan's rates can be seen as relatively moderate, although individual bills can vary widely. For homeowners, understanding these factors is crucial for financial planning and anticipating annual expenses.
Average Parowan Tax Bill
$1,423
Average Iron County Tax Bill
$974
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Parowan, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84761 | $464 | $933 | $1,423 | $2,096 | $3,064 |
Source: Ownwell