Benjamin, Utah Property Taxes
The median property tax rate in Benjamin, UT is 0.40%, considerably lower than both the national median of 0.99% and the Utah state median of 0.55%. With the median home value in Benjamin, the typical annual property tax bill reaches $3,453, exceeding the national median of $2,690. Property taxes in Benjamin are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Benjamin'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 Benjamin 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
Benjamin, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.4%
Estimate Property Tax Bill
$4,933
Ownwell’s Benjamin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Benjamin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Benjamin 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 Benjamin, Utah
Property taxes in Benjamin, Utah, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Benjamin is 0.40%, lower than both the Utah state median and the U.S. national median of 0.99%. Local government entities within Benjamin set these rates annually, and they can vary significantly across different neighborhoods. Each year, Benjamin 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 Benjamin's effective property tax rate to other counties in Utah and the national median. For comparison, the highest median property tax rate in Utah is 0.55%, while the lowest median tax rate is 0.30%. Understanding how these cities compare with Benjamin provides valuable insights into the varying tax landscape across Utah County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Benjamin Tax Rate
0.40%
Average Utah County Tax Rate
0.47%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Benjamin, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84660 | 0.17% | 0.29% | 0.40% | 0.49% | 0.58% |
Source: Ownwell
Property Tax Assessment Values Across Benjamin, Utah
In Benjamin, 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 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 Benjamin, 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 Benjamin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $3,453, found in the 84660 zip code.
Average Benjamin Assessed Value
$1,233,200
Average Utah County Assessed Value
$478,000
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Benjamin, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84660 | $418,320 | $758,450 | $1,233,200 | $1,516,750 | $1,987,040 |
Source: Ownwell
Property Tax Bills Across Benjamin, Utah
In Benjamin, located in Utah County, UT, property tax bills are calculated based on the assessed value of the home, which is determined by local assessors. The assessed value is a percentage of the market value, and this figure is then multiplied by the local property tax rate to determine the tax bill. For instance, with a median home price of $1,233,200, homeowners can expect varying tax bills depending on the value of their property. Several factors influence the final tax bill, including property location, size, and any applicable exemptions or deductions. In Benjamin, the tax bills range significantly, with those in the 25th percentile paying around $2,582, while those in the 75th percentile pay approximately $4,877. For higher-valued properties, tax bills can reach up to $7,073, as seen in the 90th percentile. For homeowners, understanding these factors is crucial as they directly impact annual expenses. Comparing these figures to the national median property tax rate of 0.99%, Benjamin's property tax rates reflect the local economic conditions and property values.
Average Benjamin Tax Bill
$3,453
Average Utah County Tax Bill
$2,288
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Benjamin, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84660 | $2,061 | $2,582 | $3,453 | $4,877 | $7,073 |
Source: Ownwell
Don't miss the deadline to appeal!
Dates | |
|---|---|
| Appeal Deadline | September 15 |
| Tax Bill | |
| Issued | October 1 |
Links | |
|---|---|
| Utah Tax Assessor | |
| Phone | (801) 851-8109 |
| Website | www.utahcounty.gov |