Echo, Utah Property Taxes
The median property tax rate in Echo, Utah is 0.32%, significantly lower than both the national median of 0.99% and the Utah state median of 0.55%. With the median home value in Echo, the typical annual property tax bill is $1,578, well below the national median of $2,690. Property taxes in Echo are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Echo'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 Echo or another part of Summit County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Echo, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.32%
Estimate Property Tax Bill
$1,576
Ownwell’s ECHO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in ECHO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in ECHO 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 Echo, Utah
Property taxes in Echo, Utah, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Echo is 0.32%, which is significantly lower than both the Utah state median of 0.58% and the U.S. national median of 0.99%. Local government entities within Echo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Echo 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 Echo's effective property tax rate to other counties in Utah and the national median. For comparison, the 84103 zip code has the highest median property tax rate of 0.78%, while the 84055 zip code has the lowest median tax rate of 0.45%. Understanding how these cities compare with Echo 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 Echo Tax Rate
0.32%
Average Summit County Tax Rate
0.52%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Echo, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84024 | 0.31% | 0.31% | 0.32% | 0.32% | 0.33% |
Source: Ownwell
Property Tax Assessment Values Across Echo, Utah
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Echo, Utah. 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 Summit County Appraisal District 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 Echo, 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. For instance, the highest and lowest median tax bills in Echo are both $1,578 in the 84024 zip code. By being aware of these valuation processes, property owners can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Echo Assessed Value
$492,540
Average Summit County Assessed Value
$1,192,250
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Echo, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84024 | $426,347 | $451,170 | $492,540 | $533,911 | $558,734 |
Source: Ownwell
Property Tax Bills Across Echo, Utah
In Echo, Summit County, UT, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the property. Homeowners in Echo experience a median property tax rate that is competitive compared to the national median of 0.99%. For instance, the median home price in Echo is $492,540, leading to a median tax bill of around $1,578. This tax bill can vary significantly, with the 25th percentile at $1,414 and the 75th percentile at $1,742, while the 90th percentile reaches up to $1,841. Several factors influence these variations, including property location, size, and any applicable exemptions or deductions. For homeowners, understanding these factors is crucial as they directly affect annual financial planning and property investment decisions. High property taxes can impact affordability, while lower taxes might make homeownership more attractive, influencing the overall real estate market in Echo.
Average Echo Tax Bill
$1,578
Average Summit County Tax Bill
$4,794
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Echo, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84024 | $1,316 | $1,414 | $1,578 | $1,742 | $1,841 |
Source: Ownwell