Bingham Canyon, Utah Property Taxes
The median property tax rate in Bingham Canyon, UT is 0.70%, which is lower than the national median of 0.99% but higher than the Utah state median of 0.55%. With the median home value in Bingham Canyon at $342,350, the typical annual property tax bill reaches $2,432, slightly below the national median of $2,690. Property taxes in Bingham Canyon 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 Bingham Canyon'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 Bingham Canyon or another part of Salt Lake County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bingham Canyon, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.7%
Estimate Property Tax Bill
$2,396
Ownwell’s Bingham Canyon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bingham Canyon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bingham Canyon 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 Bingham Canyon, Utah
Property taxes in Bingham Canyon, Utah, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bingham Canyon is 0.70%, which is lower than both the Utah state median and the U.S. national median of 0.99%. Local government entities within Bingham Canyon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bingham Canyon 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 Bingham Canyon's effective property tax rate to other areas in Utah and the national median. For comparison, the 84006 zip code has the highest median property tax rate of 0.70%, while the same zip code also has the lowest median tax rate of 0.70%. Understanding how these areas compare with Bingham Canyon provides valuable insights into the varying tax landscape across Salt Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bingham Canyon Tax Rate
0.70%
Average Salt Lake County Tax Rate
0.56%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bingham Canyon, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84006 | 0.70% | 0.70% | 0.70% | 0.70% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Bingham Canyon, Utah
In Bingham Canyon, 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 Salt Lake 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 Bingham Canyon, 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 Bingham Canyon 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 84006, with a median tax bill of $2,432.
Average Bingham Canyon Assessed Value
$342,350
Average Salt Lake County Assessed Value
$475,200
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bingham Canyon, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84006 | $302,280 | $322,650 | $342,350 | $371,325 | $421,410 |
Source: Ownwell
Property Tax Bills Across Bingham Canyon, Utah
In Bingham Canyon, located in Salt Lake County, UT, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For homeowners in Bingham Canyon, the median home price is $342,350. The property tax rate in this area results in a median tax bill of $2,432 annually, which aligns with the highest and lowest median tax bills recorded in the 84006 zip code. Several factors influence the assessed value, including the property's market value, location, and any improvements made to the home. Homeowners in Bingham Canyon can expect tax bills ranging from the 25th percentile at $2,253 to the 75th percentile at $2,692, with the 90th percentile reaching up to $3,035. These property tax bills impact homeowners by contributing to local services such as schools, infrastructure, and emergency services, thereby directly affecting the community's quality of life.
Average Bingham Canyon Tax Bill
$2,432
Average Salt Lake County Tax Bill
$2,800
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Bingham Canyon, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84006 | $1,994 | $2,253 | $2,432 | $2,692 | $3,035 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | September 15 |
| Tax Bill | |
| Issued | October 1 |
Links | |
|---|---|
| Salt Lake Tax Assessor | |
| Phone | (385) 468-7200 |
| Website | slco.org |
| propertytaxappeals@slco.org | |