Scipio, Utah Property Taxes
The median property tax rate in Scipio, Utah is 0.54%, slightly below both the national median of 0.99% and Utah's state median of 0.55%. With the median home value in Scipio at $264,247, the typical annual property tax bill reaches $1,560, which is lower than the national median of $2,690. Property taxes in Scipio 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 Scipio'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 Scipio 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
Scipio, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.54%
Estimate Property Tax Bill
$1,427
Ownwell’s Scipio Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Scipio with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Scipio 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 Scipio, Utah
Property taxes in Scipio, Utah, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Scipio is 0.54%, lower than both the Utah state median and the U.S. national median of 0.99%. Local government entities within Scipio set these rates annually, and they can vary significantly across different neighborhoods. Each year, Scipio 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 Scipio's effective property tax rate to other regions in Utah and the national median. For comparison, the 84656 zip code has the highest median property tax rate of 0.54%, while also having the lowest median tax rate of 0.54%. Understanding how these figures compare with Scipio provides valuable insights into the varying tax landscape across Millard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Scipio Tax Rate
0.54%
Average Millard County Tax Rate
0.56%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Scipio, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84656 | 0.47% | 0.54% | 0.54% | 0.56% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Scipio, Utah
In Scipio, 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 Millard 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 Scipio, 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 Scipio 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 $1,560, specifically in the 84656 zip code.
Average Scipio Assessed Value
$264,247
Average Millard County Assessed Value
$272,297
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Scipio, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84656 | $173,508 | $199,842 | $264,247 | $312,134 | $394,088 |
Source: Ownwell
Property Tax Bills Across Scipio, Utah
In Scipio, located in Millard County, UT, property tax bills are determined by the assessed value of the property and the local tax rate. The assessed value is a percentage of the property's market value, which is then multiplied by the tax rate set by local authorities. For instance, with a median home price of $264,247, homeowners can expect varying tax bills based on their property's assessed value and specific circumstances. Factors influencing the tax bill include property characteristics, exemptions, and local levies. The tax bill at the 25th percentile is approximately $1,220, while at the 75th percentile, it reaches around $1,940. For those in the 90th percentile, the tax bill can be as high as $2,460. This variability affects homeowners differently, depending on their property's assessed value and eligibility for any exemptions. Compared to the national median property tax rate of 0.99%, Scipio's tax rates reflect the local economic conditions and funding needs. Homeowners should be aware of these factors to better understand their property tax obligations and potential savings.
Average Scipio Tax Bill
$1,560
Average Millard County Tax Bill
$1,608
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Scipio, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84656 | $699 | $1,220 | $1,560 | $1,940 | $2,460 |
Source: Ownwell