Midway, Utah Property Taxes
The median property tax rate in Midway, UT is 0.51%, considerably lower than both the national median of 0.99% and the Utah state median of 0.55%. With the median home value in Midway, the typical annual property tax bill reaches $4,754, exceeding the national median of $2,690. Property taxes in Midway 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 Midway'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 Midway 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
Midway, 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 Midway Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Midway with just two simple data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midway to provide an accurate estimate of your property tax bill. This valuable tool offers a clear understanding of potential tax liabilities, helping you make informed decisions. For those interested in more detailed trends at the neighborhood level, further localized information is available below. Your property’s assessed value, determined by the county, forms the basis for property tax calculations, accounting for any applicable exemptions.
Property Tax Rates Across Midway, Utah
Property taxes in Midway, Utah, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Midway is 0.51%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Midway set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midway 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 Midway's effective property tax rate to other counties in Utah and the national median. For comparison, the zip code 84049 has both the highest and lowest median property tax rate of 0.51%. Understanding how these cities compare with Midway provides valuable insights into the varying tax landscape across Wasatch County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Midway Tax Rate
0.51%
Average Wasatch County Tax Rate
0.52%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midway, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84049 | 0.51% | 0.51% | 0.51% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Midway, Utah
In Midway, 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 Wasatch County Assessor's Office 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 Midway, 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. The median home price in Midway is $863,352, with tax bills ranging from $3,227 at the 25th percentile to $9,831 at the 90th percentile. The zip code 84049 has both the highest and lowest median tax bill at $4,754. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Midway Assessed Value
$863,352
Average Wasatch County Assessed Value
$756,305
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Midway, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84049 | $339,000 | $520,781 | $863,352 | $1,125,418 | $1,453,928 |
Source: Ownwell
Property Tax Bills Across Midway, Utah
In Midway, located in Wasatch 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 tax rate to determine the annual property tax bill. The median home price in Midway is $863,352, which significantly influences the tax bills homeowners receive. For instance, the 25th percentile tax bill is around $3,227, while the 75th percentile tax bill reaches approximately $6,913. At the higher end, the 90th percentile tax bill can be as much as $9,831. These property tax bills are influenced by various factors, including market conditions, property improvements, and local government budgets. Homeowners in Midway experience a range of tax bills, with the median tax bill being $4,754, which is higher than the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their property tax obligations and plan their finances accordingly.
Average Midway Tax Bill
$4,754
Average Wasatch County Tax Bill
$4,768
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Midway, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84049 | $1,773 | $3,227 | $4,754 | $6,913 | $9,831 |
Source: Ownwell