Bonanza, Utah Property Taxes
The median property tax rate in Bonanza, Utah is 0.88%, which is lower than the national median of 0.99% but higher than Utah's state median of 0.55%. With a median home value of $48,854, the typical annual property tax bill in Bonanza is $433, well below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Bonanza'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 Bonanza or another part of Uintah County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bonanza, 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 Bonanza Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bonanza with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bonanza 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 Uintah County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Bonanza, Utah
Property taxes in Bonanza, Utah, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bonanza is 0.88%, which is below the U.S. national median of 0.99%. Local government entities within Bonanza set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bonanza 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 Bonanza's effective property tax rate to other areas in Uintah County and the national median. For comparison, the 84008 zip code has both the highest and lowest median property tax rate in the area at 0.88%. Understanding how these areas compare with Bonanza provides valuable insights into the varying tax landscape across Uintah County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bonanza Tax Rate
0.88%
Average Uintah County Tax Rate
1.10%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bonanza, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84008 | 0.88% | 0.88% | 0.88% | 0.88% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Bonanza, Utah
In Bonanza, 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 Uintah 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 Bonanza, 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. For instance, the highest median tax bill in Bonanza is $433 in the 84008 zip code, which is also the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Bonanza Assessed Value
$48,854
Average Uintah County Assessed Value
$104,634
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bonanza, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84008 | $13,781 | $28,874 | $48,854 | $92,312 | $149,661 |
Source: Ownwell
Property Tax Bills Across Bonanza, Utah
In Bonanza, Uintah County, UT, property tax bills are calculated based on the assessed value of a home, which in this region is determined by the county assessor's office. The assessed value is a percentage of the market value of the property. For instance, with a median home price of $48,854, various factors such as location, property size, and market conditions are considered to determine this assessed value. The tax rate is then applied to this assessed value to calculate the property tax bill. In Bonanza, property tax bills can vary significantly. At the 25th percentile, homeowners might pay around $261 annually, while those at the 75th percentile face bills closer to $809. For the top 10% of property values, tax bills can reach up to $1,313. These property taxes are crucial as they fund local services like schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners in Bonanza.
Average Bonanza Tax Bill
$433
Average Uintah County Tax Bill
$1,143
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Bonanza, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84008 | $124 | $261 | $433 | $809 | $1,313 |
Source: Ownwell