Newcastle, Utah Property Taxes
The median property tax rate in Newcastle, Utah is 0.42%, considerably lower than both the national median of 0.99% and the Utah state median of 0.55%. With the median home value in Newcastle, the typical annual property tax bill reaches $904, significantly below the national median of $2,690. Property taxes in Newcastle 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 Newcastle'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 Newcastle 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
Newcastle, 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 Newcastle Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Newcastle with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Newcastle 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 Newcastle, Utah
Property taxes in Newcastle, Utah, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newcastle is 0.42%, significantly lower than both the Utah state median and the U.S. national median of 0.99%. Local government entities within Newcastle set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newcastle 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 Newcastle's effective property tax rate to other counties in Utah and the national median. For comparison, the zip code 84756 has both the highest and the lowest median property tax rate in Iron County, standing at 0.42%. Understanding how these areas compare with Newcastle 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 Newcastle Tax Rate
0.42%
Average Iron County Tax Rate
0.74%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newcastle, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84756 | 0.41% | 0.41% | 0.42% | 0.45% | 0.75% |
Source: Ownwell
Property Tax Assessment Values Across Newcastle, Utah
In Newcastle, 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 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 Newcastle, 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 Newcastle helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 84756 has the highest and lowest median tax bill, both at $904.
Average Newcastle Assessed Value
$202,798
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 Newcastle, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84756 | $38,926 | $127,252 | $202,798 | $276,674 | $408,966 |
Source: Ownwell
Property Tax Bills Across Newcastle, Utah
In Newcastle, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Various factors such as home size, location, and improvements are considered in this assessment. For homeowners in Newcastle, the median home price stands at $202,798. Property tax rates in Iron County are relatively low compared to the national median property tax rate of 0.99%. Homeowners in Newcastle can expect their property tax bills to vary significantly. The 25th percentile tax bill is around $552, while the 75th percentile tax bill is approximately $1,293. For those at the higher end, the 90th percentile tax bill reaches up to $1,716. These taxes contribute to local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Understanding these factors helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Newcastle Tax Bill
$904
Average Iron County Tax Bill
$974
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Newcastle, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84756 | $226 | $552 | $904 | $1,293 | $1,716 |
Source: Ownwell