Peoa, Utah Property Taxes
The median property tax rate in Peoa, UT is 0.30%, significantly lower than both the national median of 0.99% and the Utah state median of 0.55%. With the median home value in Peoa at $684,096, the typical annual property tax bill amounts to $2,394, which is below the national median of $2,690. Property taxes in Peoa are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Peoa'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 Peoa 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
Peoa, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.3%
Estimate Property Tax Bill
$2,052
Ownwell’s Peoa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Peoa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Peoa 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 Peoa, Utah
Property taxes in Peoa, Utah, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Peoa is 0.30%, which is significantly lower than both the Utah state median and the U.S. national median of 0.99%. Local government entities within Peoa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Peoa 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. Understanding how Peoa's effective property tax rate compares to other regions in Summit County and the national median provides valuable insights into the varying tax landscape across the area, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Peoa Tax Rate
0.30%
Average Summit County Tax Rate
0.52%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Peoa, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84061 | 0.29% | 0.29% | 0.30% | 0.50% | 0.52% |
Source: Ownwell
Property Tax Assessment Values Across Peoa, Utah
In Peoa, 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 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 Peoa, 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. The highest median tax bill in Peoa is $2,394 in the zip code 84061, while the lowest median tax bill is also $2,394 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Peoa Assessed Value
$684,096
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 Peoa, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84061 | $335,054 | $507,050 | $684,096 | $926,701 | $1,394,153 |
Source: Ownwell
Property Tax Bills Across Peoa, Utah
In Peoa, located in Summit County, UT, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor's office and reflects a percentage of the property's market value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition. For homeowners in Peoa, the median home price is $684,096. The property tax bills can vary significantly, with the 25th percentile at $1,671 and the 75th percentile reaching $3,364. At the 90th percentile, homeowners might see tax bills as high as $4,706. These property taxes fund essential local services such as schools, emergency services, and infrastructure maintenance. While the national median property tax rate is 0.99%, the specific rate in Peoa may differ, impacting how much homeowners ultimately pay. Understanding these factors can help residents anticipate their annual property tax obligations and budget accordingly.
Average Peoa Tax Bill
$2,394
Average Summit County Tax Bill
$4,794
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Peoa, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84061 | $1,124 | $1,671 | $2,394 | $3,364 | $4,706 |
Source: Ownwell