Henefer, Utah Property Taxes
The median property tax rate in Henefer, Utah, is 0.31%, significantly lower than both the national median of 0.99% and the Utah state median of 0.55%. With the median home value in Henefer at $575,093, the typical annual property tax bill is $1,924, which is well below the national median of $2,690. Property taxes in Henefer 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 Henefer'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 Henefer 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
Henefer, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.31%
Estimate Property Tax Bill
$1,783
Ownwell’s Henefer Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Henefer with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Henefer to provide an accurate estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities, making it easier to plan your finances. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Henefer, Utah
Property taxes in Henefer, Utah (Summit County), play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Henefer is 0.31%, which is significantly lower than both the Utah state median and the U.S. national median of 0.99%. Local government entities within Henefer set these rates annually, and they can vary significantly across different neighborhoods. Each year, Henefer 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. Comparing Henefer's effective property tax rate to other counties in Utah and the national median 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 Henefer Tax Rate
0.31%
Average Summit County Tax Rate
0.52%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Henefer, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84033 | 0.31% | 0.31% | 0.31% | 0.32% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Henefer, Utah
In Henefer, 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 Summit County Assessor's Office 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 Henefer, 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 Henefer helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 84033 has the highest and lowest median tax bill, both at $1,924, compared to the national median property tax rate of 0.99%.
Average Henefer Assessed Value
$575,093
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 Henefer, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84033 | $297,448 | $408,097 | $575,093 | $729,760 | $892,861 |
Source: Ownwell
Property Tax Bills Across Henefer, Utah
In Henefer, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is then multiplied by the tax rate set by Summit County. For instance, with a median home price of $575,093, homeowners can expect varying tax bills depending on where their property falls within the assessed value range. The 25th percentile tax bill is approximately $1,501, while those in the 75th percentile pay around $2,496. At the higher end, the 90th percentile tax bill reaches $3,163. Comparatively, the highest and lowest median tax bills in the area both stand at $1,924, highlighting a consistent tax rate across different properties. These property taxes fund essential local services such as schools, public safety, and infrastructure. Homeowners in Henefer should be aware that their tax bills are influenced not only by their property’s assessed value but also by the overall tax rate, which may change based on budgetary needs of the county.
Average Henefer Tax Bill
$1,924
Average Summit County Tax Bill
$4,794
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Henefer, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84033 | $1,017 | $1,501 | $1,924 | $2,496 | $3,163 |
Source: Ownwell