Venice, Utah Property Taxes
The median property tax rate in Venice, Utah is 0.49%, significantly lower than both the national median of 0.99% and the Utah state median of 0.55%. With the median home value in Venice, the typical annual property tax bill amounts to $1,439, which is well below the national median of $2,690. Property taxes in Venice are calculated based on the assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. By understanding Venice's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Venice or another part of the city, being well-informed about the local property tax system is essential for maximizing financial benefits.
Last Updated June 14, 2024
Venice, 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 Venice Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Venice with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Venice 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 Venice, Utah
Property taxes in Venice, Utah, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Venice is 0.49%, which is lower than the U.S. national median of 0.99%. Local government entities within Venice set these rates annually, and they can vary significantly across different neighborhoods. Each year, Venice 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 Venice's effective property tax rate to other areas in Sevier County and the national median. For comparison, the zip code 84701 has the highest median property tax rate of 0.49%, while the same zip code also has the lowest median tax rate of 0.49%. Understanding how these areas compare with Venice provides valuable insights into the varying tax landscape across Sevier County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Venice Tax Rate
0.49%
Average Sevier County Tax Rate
0.55%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Venice, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84701 | 0.32% | 0.46% | 0.49% | 0.51% | 0.54% |
Source: Ownwell
Property Tax Assessment Values Across Venice, Utah
In Venice, 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 Sevier 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 Venice, 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 Venice helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 84701, with a tax bill of $1439.
Average Venice Assessed Value
$296,057
Average Sevier County Assessed Value
$296,622
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Venice, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84701 | $185,963 | $227,810 | $296,057 | $390,488 | $578,769 |
Source: Ownwell
Property Tax Bills Across Venice, Utah
In Venice, Sevier County, UT, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. Several factors influence the assessed value, including the market value of the property, improvements made to the home, and comparable property sales in the area. For homeowners in Venice, understanding how their property tax bill is determined is crucial. The median home price in Venice is $296,057, and tax bills can vary significantly. The 25th percentile tax bill is $1,077, while the 75th percentile reaches $1,882, and the 90th percentile can go up to $2,679. Comparatively, the highest and lowest median tax bills in the county are both $1,439, reflecting the uniformity in tax assessments within the region. These property taxes fund essential local services such as schools, public safety, and infrastructure, directly impacting the quality of life for Venice residents.
Average Venice Tax Bill
$1,439
Average Sevier County Tax Bill
$1,616
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Venice, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84701 | $678 | $1,077 | $1,439 | $1,882 | $2,679 |
Source: Ownwell