Richfield, Utah Property Taxes
The median property tax rate in Richfield, UT is 0.55%, aligning with the state median but significantly lower than the national median of 0.99%. With the median home value in Richfield at $298,748, the typical annual property tax bill amounts to $1,673, well below the national median of $2,690. Property taxes in Richfield are calculated based on the assessed value, which often falls below market value due to exemptions like the primary residence and agricultural exemptions. Understanding Richfield'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 Richfield or another part of Sevier County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Richfield, 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 RICHFIELD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in RICHFIELD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in RICHFIELD 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 Richfield, Utah
Property taxes in Richfield, Utah, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Richfield is 0.55%, which is lower than both the Utah state median and the U.S. national median of 0.99%. Local government entities within Richfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Richfield 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 Richfield's effective property tax rate to other counties in Utah and the national median. For comparison, the zip code 84701 has both the highest and lowest median property tax rate in the county, standing at 0.55%. Understanding how these cities compare with Richfield provides valuable insights into the varying tax landscape across Sevier County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Richfield Tax Rate
0.55%
Average Sevier County Tax Rate
0.55%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Richfield, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84701 | 0.49% | 0.55% | 0.55% | 0.55% | 0.82% |
Source: Ownwell
Property Tax Assessment Values Across Richfield, Utah
In Richfield, 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 Sevier 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 Richfield, 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 Richfield 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 $1,673, found in the 84701 zip code.
Average Richfield Assessed Value
$298,748
Average Sevier County Assessed Value
$296,622
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Richfield, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84701 | $150,245 | $220,736 | $298,748 | $406,744 | $543,495 |
Source: Ownwell
Property Tax Bills Across Richfield, Utah
In Richfield, located in Sevier County, UT, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $298,748, homeowners can expect varying tax bills. The 25th percentile tax bill is around $1,225, while the 75th percentile reaches approximately $2,291. At the 90th percentile, homeowners might see tax bills as high as $3,038. Several factors influence these tax amounts, including property location, home value, and applicable exemptions. The property tax rate in Richfield is competitive when compared to the national median property tax rate of 0.99%. This can significantly affect homeowners by influencing their annual financial planning and potentially impacting the affordability and long-term investment value of their property. Understanding these factors helps residents anticipate their tax obligations and manage their finances effectively.
Average Richfield Tax Bill
$1,673
Average Sevier County Tax Bill
$1,616
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Richfield, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84701 | $782 | $1,225 | $1,673 | $2,291 | $3,038 |
Source: Ownwell