Park City, Utah Property Taxes
The median property tax rate in Park City, UT is 0.55%, aligning with the Utah state median but significantly lower than the national median of 0.99%. With a median home value of $1,483,900 in Park City, the typical annual property tax bill reaches $6,031, far exceeding the national median of $2,690. Property taxes in Park City are calculated based on the assessed value, which is often below market value due to exemptions like the primary residence and agricultural exemptions. Understanding Park City'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 Park City or another part of Summit County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Park City, 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 Park City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Park City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Park City 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 Park City, Utah
Property taxes in Park City, Utah, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Park City is 0.55%, which is significantly lower than the U.S. national median of 0.99%. Local government entities within Park City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Park City 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 Park City's effective property tax rate to other areas in Summit County and the national median. For comparison, the zip code 84060 has both the highest and lowest median property tax rate of 0.56%. Understanding how these areas compare with Park City 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 Park City Tax Rate
0.55%
Average Summit County Tax Rate
0.52%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Park City, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84060 | 0.31% | 0.31% | 0.56% | 0.56% | 0.56% |
| 84098 | 0.30% | 0.31% | 0.32% | 0.55% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Park City, Utah
In Park City, 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 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 Park City, 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 Park City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Park City is $8,294 in the 84060 zip code, while the lowest is $5,012 in the 84098 zip code.
Average Park City Assessed Value
$1,483,900
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 Park City, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84060 | $395,450 | $900,273 | $1,819,372 | $3,200,000 | $5,131,500 |
| 84098 | $462,000 | $830,700 | $1,279,042 | $2,081,870 | $3,727,096 |
Source: Ownwell
Property Tax Bills Across Park City, Utah
In Park City, property tax bills are calculated based on the assessed value of the home, which is determined by the Summit County Assessor. The assessed value is a percentage of the market value of the property. Various factors influence the assessed value, including the home's location, size, age, and condition. Once the assessed value is determined, it is multiplied by the local property tax rate to calculate the tax bill. For homeowners in Park City, property taxes can vary significantly. The tax bill for the 25th percentile is around $3,511, while it reaches $11,380 at the 75th percentile. At the 90th percentile, homeowners can expect to pay approximately $21,310. The highest median tax bill in the area is $8,294 in the 84060 zip code, while the lowest is $5,012 in the 84098 zip code. Compared to the national median property tax rate of 0.99%, Park City's property taxes can represent a significant expense for homeowners, impacting their overall cost of living.
Average Park City Tax Bill
$6,031
Average Summit County Tax Bill
$4,794
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Park City, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84060 | $2,229 | $4,482 | $8,294 | $15,659 | $26,928 |
| 84098 | $2,000 | $3,192 | $5,012 | $8,013 | $15,242 |
Source: Ownwell