Salt Lake City, Utah Property Taxes
The median property tax rate in Salt Lake City, UT is 0.56%, slightly above the state median of 0.55% but below the national median of 0.99%. With a median home value of $1,342,350, the typical annual property tax bill in Salt Lake City is $7,568, significantly exceeding the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Salt Lake City's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Salt Lake City 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
Salt Lake 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 Salt Lake City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Salt Lake City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Salt Lake 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 Salt Lake City, Utah
Property taxes in Salt Lake 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 Salt Lake City is 0.56%, lower than both the Utah state median of 0.58% and the U.S. national median of 0.99%. Local government entities within Salt Lake City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Salt Lake 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 Salt Lake City'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 0.56%, while the 84107 zip code has the lowest median tax rate of 0.55%. Understanding how these cities compare with Salt Lake 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 Salt Lake City 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 Salt Lake City, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84103 | 0.56% | 0.56% | 0.56% | 0.56% | 0.56% |
| 84107 | 0.55% | 0.55% | 0.55% | 0.55% | 0.55% |
| 84124 | 0.31% | 0.31% | 0.31% | 0.31% | 0.31% |
Source: Ownwell
Property Tax Assessment Values Across Salt Lake City, Utah
In Salt Lake 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 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. Assessment notices in Salt Lake City 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 Salt Lake City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Salt Lake City is $8,255 in the 84124 zip code, while the lowest median tax bill is $4,333 in the 84107 zip code.
Property Tax Assessment Values Across Salt Lake City, Utah
Source: Ownwell
$50,974
$3,055,037
$6,059,100
Average Salt Lake City Assessed Value
$1,342,350
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 Salt Lake City, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84103 | $1,296,630 | $1,313,775 | $1,342,350 | $1,370,925 | $1,388,070 |
| 84107 | $781,326 | $781,326 | $781,326 | $781,326 | $781,326 |
| 84124 | $2,622,624 | $2,622,624 | $2,622,624 | $2,622,624 | $2,622,624 |
Source: Ownwell
Property Tax Bills Across Salt Lake City, Utah
In Salt Lake City, 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 tax bill. Factors such as property location, size, and market conditions influence the assessed value. For instance, in Summit County, the median home price stands at $1,342,350, leading to varying tax bills across different percentiles. Homeowners in the 25th percentile can expect a tax bill around $6,518, while those in the 75th percentile pay approximately $7,982. The highest median tax bill in the area reaches $8,255 in the 84124 zip code, contrasting sharply with the lowest median tax bill of $4,333 in the 84107 zip code. These property taxes significantly impact homeowners by influencing their overall housing costs and financial planning, especially when compared to the national median property tax rate of 0.99%.
Average Salt Lake City Tax Bill
$7,568
Average Summit County Tax Bill
$4,794
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Salt Lake City, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84103 | $7,310 | $7,407 | $7,568 | $7,729 | $7,826 |
| 84107 | $4,333 | $4,333 | $4,333 | $4,333 | $4,333 |
| 84124 | $8,255 | $8,255 | $8,255 | $8,255 | $8,255 |
Source: Ownwell