Modena, Utah Property Taxes
The median property tax rate in Modena, UT is 0.75%, which is lower than the national median of 0.99% but higher than the Utah state median of 0.55%. With a median home value of $30,416 in Modena, the typical annual property tax bill is $161, significantly below the national median of $2,690. Property taxes in Modena are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Modena'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 Modena 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
Modena, 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 Modena Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Modena with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Modena 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 Modena, Utah
Property taxes in Modena, Utah, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Modena is 0.75%, which is lower than the U.S. national median of 0.99%. Local government entities within Modena set these rates annually, and they can vary significantly across different neighborhoods. Each year, Modena 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 Modena's effective property tax rate to other counties in Utah and the national median. For comparison, the 84753 zip code has the highest median property tax rate of 0.75%, while the same zip code also has the lowest median tax rate of 0.75%. Understanding how these cities compare with Modena provides valuable insights into the varying tax landscape across Iron County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Modena Tax Rate
0.75%
Average Iron County Tax Rate
0.74%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Modena, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84753 | 0.41% | 0.41% | 0.75% | 0.75% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Modena, Utah
In Modena, 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 Iron 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 Modena, 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 Modena helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $161.00, found in the zip code 84753.
Average Modena Assessed Value
$30,416
Average Iron County Assessed Value
$176,312
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Modena, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84753 | $3,750 | $5,928 | $30,416 | $64,229 | $107,472 |
Source: Ownwell
Property Tax Bills Across Modena, Utah
In Modena, located in Iron County, Utah, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by local tax assessors who evaluate the market value of the home. Once the market value is established, the assessment ratio is applied to determine the taxable value. The property tax rate is then applied to this taxable value to calculate the annual tax bill. For homeowners in Modena, the tax bill can vary significantly. For example, the 25th percentile tax bill is $44, while the 75th percentile tax bill is $341. At the 90th percentile, homeowners might see a tax bill as high as $443. These figures indicate a range of property tax burdens, influenced by factors such as property value and local tax rates. Compared to the national median property tax rate of 0.99%, Modena's property tax rates provide a relatively affordable option for homeowners, making it an attractive location for those looking to manage their property tax expenses effectively.
Average Modena Tax Bill
$161
Average Iron County Tax Bill
$974
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Modena, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84753 | $28 | $44 | $161 | $341 | $443 |
Source: Ownwell