Laketown, Utah Property Taxes
The median property tax rate in Laketown, Utah is 0.40%, considerably lower than both the national median of 0.99% and Utah's state median of 0.55%. With the median home value in Laketown at $1,047,146, the typical annual property tax bill reaches $2,944, slightly above the national median of $2,690. Property taxes in Laketown 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 Laketown'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 Laketown 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
Laketown, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$4,189
Ownwell’s Laketown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laketown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laketown 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 Laketown, Utah
Property taxes in Laketown, Utah, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laketown is 0.40%, significantly lower than both the Utah state median and the U.S. national median of 0.99%. Local government entities within Laketown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laketown 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 Laketown's effective property tax rate to other counties in Utah and the national median. For comparison, the highest median property tax rate in Utah is 0.60%, while the lowest median tax rate is 0.30%. Understanding how these cities compare with Laketown provides valuable insights into the varying tax landscape across Rich County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laketown Tax Rate
0.40%
Average Rich County Tax Rate
0.42%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laketown, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84038 | 0.14% | 0.40% | 0.40% | 0.40% | 0.40% |
Source: Ownwell
Property Tax Assessment Values Across Laketown, Utah
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Laketown, 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 Rich 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 Laketown, 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 Laketown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Laketown is $2,944 in the 84038 zip code.
Average Laketown Assessed Value
$1,047,146
Average Rich County Assessed Value
$407,179
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laketown, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84038 | $205,395 | $396,888 | $1,047,146 | $1,742,228 | $2,377,843 |
Source: Ownwell
Property Tax Bills Across Laketown, Utah
In Laketown, located in Rich County, UT, property tax bills are determined by assessing the market value of a property and applying the local tax rate. The assessed value is a percentage of the market value, which is then multiplied by the tax rate to calculate the annual tax bill. Homeowners in Laketown experience a range of tax bills, with the 25th percentile paying around $1,121, while those in the 75th percentile see bills closer to $5,910. At the 90th percentile, homeowners may pay up to $7,944 annually. These figures reflect the variability in property values and the corresponding tax obligations. For example, the highest median tax bill in the region is $2,944, found in the 84038 zip code. Compared to the national median property tax rate of 0.99%, Laketown’s tax rates can have a significant impact on homeowners, influencing their financial planning and overall cost of living. Understanding these factors helps residents anticipate their property tax responsibilities more accurately.
Average Laketown Tax Bill
$2,944
Average Rich County Tax Bill
$1,679
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Laketown, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84038 | $549 | $1,121 | $2,944 | $5,910 | $7,944 |
Source: Ownwell