Elk Ridge, Utah Property Taxes
The median property tax rate in Elk Ridge, Utah is 0.53%, slightly below the Utah state median of 0.55% and considerably lower than the national median of 0.99%. With a median home value of $646,000 in Elk Ridge, the typical annual property tax bill reaches $3,438, surpassing the national median of $2,690. Property taxes in Elk Ridge 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 Elk Ridge'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 Elk Ridge 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
Elk Ridge, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.53%
Estimate Property Tax Bill
$3,424
Ownwell’s Elk Ridge Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Elk Ridge with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Elk Ridge 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 Elk Ridge, Utah
Property taxes in Elk Ridge, Utah, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Elk Ridge is 0.53%, which is lower than both the Utah state median and the U.S. national median of 0.99%. Local government entities within Elk Ridge set these rates annually, and they can vary significantly across different neighborhoods. Each year, Elk Ridge 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 Elk Ridge's effective property tax rate to other areas in Utah County and the national median. For comparison, the zip code 84651 has the highest median property tax rate in the county at 0.53%, while the lowest median tax rate is also 0.53% in the same zip code. Understanding how these areas compare with Elk Ridge 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 Elk Ridge Tax Rate
0.53%
Average Utah County Tax Rate
0.47%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Elk Ridge, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84651 | 0.53% | 0.53% | 0.53% | 0.53% | 0.53% |
Source: Ownwell
Property Tax Assessment Values Across Elk Ridge, Utah
In Elk Ridge, 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 Utah 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 Elk Ridge, 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 Elk Ridge 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 $3,438, found in zip code 84651.
Average Elk Ridge Assessed Value
$646,000
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 Elk Ridge, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84651 | $522,520 | $573,600 | $646,000 | $687,650 | $802,240 |
Source: Ownwell
Property Tax Bills Across Elk Ridge, Utah
In Elk Ridge, Utah, property tax bills are calculated based on the assessed value of the home and the local tax rate. The median home price in Elk Ridge is $646,000, which is significantly higher than the national median property tax rate of 0.99%. To determine the tax bill, the local government assesses the property's market value and applies the applicable tax rate. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Elk Ridge, the tax bill can vary widely. At the 25th percentile, the tax bill is around $2,997, while at the 75th percentile, it reaches approximately $3,651. For those at the 90th percentile, the tax bill can go up to $4,303. These figures highlight the financial impact property taxes can have on homeowners, emphasizing the importance of understanding how these taxes are calculated. The highest and lowest median tax bills in Utah County are both reported to be $3,438, indicating a relatively consistent tax environment within the region.
Average Elk Ridge Tax Bill
$3,438
Average Utah County Tax Bill
$2,288
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Elk Ridge, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84651 | $2,700 | $2,997 | $3,438 | $3,651 | $4,303 |
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 |