Magna, Utah Property Taxes
The median property tax rate in Magna, UT is 0.78%, 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 $342,700 in Magna, the typical annual property tax bill amounts to $2,719, which is slightly below the national median of $2,690. Property taxes in Magna are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Magna'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 Magna or another part of Salt Lake County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Magna, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$2,673
Ownwell’s Magna Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Magna with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Magna 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 Magna, Utah
Property taxes in Magna, Utah, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Magna is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Magna set these rates annually, and they can vary significantly across different neighborhoods. Each year, Magna 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 Magna's effective property tax rate to other areas in Utah and the national median. For comparison, the 84044 zip code has the highest median property tax rate of 0.78%, while the same zip code also has the lowest median tax rate of 0.78%. Understanding how these areas compare with Magna provides valuable insights into the varying tax landscape across Salt Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Magna Tax Rate
0.78%
Average Salt Lake County Tax Rate
0.56%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Magna, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84044 | 0.78% | 0.78% | 0.78% | 0.80% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Magna, Utah
In Magna, 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 Salt Lake 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 Magna, 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 Magna helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Magna is $2,719 in the 84044 zip code, which also has the lowest median tax bill of $2,719.
Average Magna Assessed Value
$342,700
Average Salt Lake County Assessed Value
$475,200
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Magna, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84044 | $232,300 | $301,300 | $342,700 | $387,500 | $454,040 |
Source: Ownwell
Property Tax Bills Across Magna, Utah
In Magna, located in Salt Lake County, UT, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is then multiplied by the local property tax rate to generate the annual tax bill. For instance, with a median home price of $342,700, homeowners can expect varying tax bills depending on their property's value and specific tax rate. Tax bills in Magna range significantly, with the 25th percentile at $2,332 and the 75th percentile at $3,082, reflecting the diversity in property values and tax rates within the area. Several factors influence the tax bill, including the property's market value, any applicable exemptions, and local government budget requirements. Homeowners in Magna experience tax bills that can impact their overall household budget. For example, the 90th percentile tax bill reaches up to $3,602, which can be a substantial annual expense. Compared to the national median property tax rate of 0.99%, Magna's tax rates highlight the importance of understanding local tax obligations for homeowners.
Average Magna Tax Bill
$2,719
Average Salt Lake County Tax Bill
$2,800
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Magna, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84044 | $1,575 | $2,332 | $2,719 | $3,082 | $3,602 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | September 15 |
| Tax Bill | |
| Issued | October 1 |
Links | |
|---|---|
| Salt Lake Tax Assessor | |
| Phone | (385) 468-7200 |
| Website | slco.org |
| propertytaxappeals@slco.org | |