Terra, Utah Property Taxes
The median property tax rate in Terra, Utah is 0.50%, which is notably lower than both the national median of 0.99% and the Utah state median of 0.55%. With a median home value of $346,470 in Terra, the typical annual property tax bill is $1,330, significantly below the national median of $2,690. Property taxes in Terra are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Gaining a clear understanding of Terra's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Terra or another part of Tooele County, a thorough understanding of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Terra, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.5%
Estimate Property Tax Bill
$1,732
Ownwell’s TERRA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in TERRA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in TERRA 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 Terra, Utah
Property taxes in Terra, Utah, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Terra is 0.50%, significantly lower than the U.S. national median of 0.99%. Local government entities within Terra set these rates annually, and they can vary across different neighborhoods. Each year, Terra 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 Terra's effective property tax rate to other counties in Utah and the national median. For comparison, the zip code 84022 has both the highest and lowest median property tax rate of 0.50%, illustrating the uniformity in tax rates within the region. Understanding how these areas compare with Terra provides valuable insights into the varying tax landscape across Tooele County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Terra Tax Rate
0.50%
Average Tooele County Tax Rate
0.59%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Terra, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84022 | 0.28% | 0.49% | 0.50% | 0.51% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Terra, Utah
In Terra, 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 Tooele County Appraisal District 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 Terra, 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. For example, the median home price in Terra is $346,470. The 25th percentile tax bill is around $725, while the 75th percentile tax bill is approximately $1948. Interestingly, the zip code 84022 has both the highest and lowest median tax bill at $1330. 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 Terra helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Terra Assessed Value
$346,470
Average Tooele County Assessed Value
$428,538
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Terra, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84022 | $125,508 | $209,492 | $346,470 | $418,614 | $462,815 |
Source: Ownwell
Property Tax Bills Across Terra, Utah
In Terra, located in Tooele County, UT, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The assessed value is multiplied by the local tax rate to determine the annual tax bill. Factors such as property improvements, neighborhood developments, and market trends can influence the assessed value, thereby affecting the tax bill. For instance, the median home price in Terra is $346,470. Homeowners in the 25th percentile pay around $725 in property taxes, while those in the 75th percentile face bills of approximately $1,948. At the 90th percentile, the tax bill rises to about $2,293. These figures highlight the variability in property tax burdens among homeowners. Compared to the national median property tax rate of 0.99%, Terra's property tax rates can be seen as relatively moderate, offering some relief to homeowners. Understanding these factors can help homeowners anticipate their property tax liabilities and manage their finances more effectively.
Average Terra Tax Bill
$1,330
Average Tooele County Tax Bill
$2,475
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Terra, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84022 | $558 | $725 | $1,330 | $1,948 | $2,293 |
Source: Ownwell