Miami, Utah Property Taxes
The median property tax rate in Miami, UT is 0.56%, slightly higher than the Utah state median of 0.55% but still below the national median of 0.99%. With the median home value in Miami at $3,388,000, the typical annual property tax bill reaches $19,102, significantly exceeding the national median of $2,690. Property taxes in Miami are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, including primary residence and agricultural exemptions. Understanding Miami'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 Miami 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
Miami, 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 Miami Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Miami with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Miami 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 Miami, Utah
Property taxes in Miami, Utah, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Miami is 0.56%, significantly lower than the U.S. national median of 0.99%. Local government entities within Miami set these rates annually, and they can vary significantly across different neighborhoods. Each year, Miami 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 Miami's effective property tax rate to other counties in Utah and the national median. For comparison, the 33176 zip code has the highest median property tax rate of 0.56%, while the same zip code also has the lowest median tax rate of 0.56%. Understanding how these cities compare with Miami 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 Miami Tax Rate
0.56%
Average Summit County Tax Rate
0.52%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Miami, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33176 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
Source: Ownwell
Property Tax Assessment Values Across Miami, Utah
In Miami, Utah, understanding the distinction between "market value" and "assessed value" is essential for grasping property taxes. The market value represents the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Summit County Appraisal District for tax purposes. Conversely, 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 Miami, 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. The highest median tax bill in Miami is $19,102 in the 33176 zip code, which is also the lowest median 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 Miami helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Miami Assessed Value
$3,388,000
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 Miami, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33176 | $3,388,000 | $3,388,000 | $3,388,000 | $3,388,000 | $3,388,000 |
Source: Ownwell
Property Tax Bills Across Miami, Utah
In Miami, Summit County, UT, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Miami, the median home price is $3,388,000, and property tax bills can vary significantly. However, data indicates that the 25th, 75th, and 90th percentiles of tax bills all stand at $19,102. This suggests a consistent tax rate applied across different home values. The factors considered in determining the tax bill include the market value of the property, any applicable exemptions, and the specific tax rate set by local government authorities. Compared to the national median property tax rate of 0.99%, Miami's property tax rate results in notably higher tax bills due to the high property values in the area. This substantial tax obligation can impact homeowners by increasing the overall cost of homeownership, influencing decisions on property investments and financial planning.
Average Miami Tax Bill
$19,102
Average Summit County Tax Bill
$4,794
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Miami, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33176 | $19,102 | $19,102 | $19,102 | $19,102 | $19,102 |
Source: Ownwell