Farmington, Utah Property Taxes
The median property tax rate in Farmington, UT is 0.55%, aligning with the Utah state median but still lower than the national median of 0.99%. With a median home value of $583,000, the typical annual property tax bill in Farmington reaches $3,211, surpassing the national median of $2,690. Property taxes in Farmington are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Farmington'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 Farmington 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
Farmington, 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 Farmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmington 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 Farmington, Utah
Property taxes in Farmington, Utah, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmington is 0.55%, which is lower than the U.S. national median of 0.99%. Local government entities within Farmington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmington 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 Farmington's effective property tax rate to other areas in Utah and the national median. For comparison, Farmington has both the highest and lowest median property tax rate in Davis County at 0.55%. Understanding how these rates compare with Farmington provides valuable insights into the varying tax landscape across Davis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmington Tax Rate
0.55%
Average Davis County Tax Rate
0.56%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmington, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84025 | 0.54% | 0.55% | 0.55% | 0.55% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Farmington, Utah
In Farmington, 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 Davis 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. 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 Farmington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Farmington are both $3,211, found in the 84025 zip code.
Average Farmington Assessed Value
$583,000
Average Davis County Assessed Value
$472,000
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmington, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84025 | $391,000 | $462,000 | $583,000 | $739,000 | $956,000 |
Source: Ownwell
Property Tax Bills Across Farmington, Utah
In Farmington, located in Davis County, UT, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local property tax rate to determine the tax bill. For example, with a median home price of $583,000, the property tax bill can range from $2,471 at the 25th percentile to $4,104 at the 75th percentile, and up to $5,404 at the 90th percentile. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value. Homeowners in Farmington should be aware that their property tax bill can significantly impact their annual expenses. Compared to the national median property tax rate of 0.99%, the property tax rates in Farmington can vary, affecting how much residents pay annually. Understanding these factors can help homeowners better anticipate their financial responsibilities and plan accordingly.
Average Farmington Tax Bill
$3,211
Average Davis County Tax Bill
$2,654
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmington, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84025 | $2,004 | $2,471 | $3,211 | $4,104 | $5,404 |
Source: Ownwell