Summit, Utah Property Taxes
The median property tax rate in Summit, Utah is 0.41%, significantly lower than both the national median of 0.99% and the Utah state median of 0.55%. With the median home value in Summit, the typical annual property tax bill is $743, well below the national median of $2,690. Property taxes in Summit 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 Summit's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Summit 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
Summit, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.41%
Estimate Property Tax Bill
$720
Ownwell’s Summit Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Summit with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Summit 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 Summit, Utah
Property taxes in Summit, Utah, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Summit is 0.41%, significantly lower than the U.S. national median of 0.99%. Local government entities within Summit set these rates annually, and they can vary across different neighborhoods. Each year, Summit 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 Summit's effective property tax rate to other counties in Utah and the national median. For comparison, the zip code 84772 has both the highest and lowest median property tax rate of 0.41%. Understanding how these areas compare with Summit provides valuable insights into the varying tax landscape across Summit County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Summit Tax Rate
0.41%
Average Iron County Tax Rate
0.74%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Summit, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84772 | 0.41% | 0.41% | 0.41% | 0.42% | 0.47% |
Source: Ownwell
Property Tax Assessment Values Across Summit, Utah
In Summit, 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 local authorities 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 Summit, 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 Summit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Summit Assessed Value
$175,545
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 Summit, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84772 | $102,439 | $126,952 | $175,545 | $243,072 | $327,644 |
Source: Ownwell
Property Tax Bills Across Summit, Utah
In Summit, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $175,545, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $564, while those in the 75th percentile might see bills closer to $1,003. At the 90th percentile, tax bills can reach up to $1,419. These figures highlight the variability in property tax bills, which can significantly impact homeowners' finances. In comparison to the national median property tax rate of 0.99%, Summit's property tax rates are relatively moderate. Homeowners must budget for these taxes as part of their annual expenses, which can influence decisions on homeownership and property investment in the area.
Average Summit Tax Bill
$743
Average Iron County Tax Bill
$974
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Summit, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84772 | $439 | $564 | $743 | $1,003 | $1,419 |
Source: Ownwell