Genola, Utah Property Taxes
The median property tax rate in Genola, Utah is 0.55%, which aligns with the Utah state median but is notably lower than the national median of 0.99%. With a median home value of $651,650 in Genola, the typical annual property tax bill reaches $3,082, surpassing the national median of $2,690. Property taxes in Genola 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 Genola'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 Genola 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
Genola, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.55%
Estimate Property Tax Bill
$3,584
Ownwell’s Genola Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Genola with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Genola 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 Genola, Utah
Property taxes in Genola, Utah, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Genola is 0.55%, which is lower than both the Utah state median and the U.S. national median of 0.99%. Local government entities within Genola set these rates annually, and they can vary significantly across different neighborhoods. Each year, Genola 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 Genola's effective property tax rate to other counties in Utah and the national median. For comparison, the zip code 84655 has both the highest and lowest median property tax rate of 0.55%. Understanding how these cities compare with Genola 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 Genola Tax Rate
0.55%
Average Utah County Tax Rate
0.47%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Genola, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84655 | 0.29% | 0.36% | 0.55% | 0.56% | 0.57% |
Source: Ownwell
Property Tax Assessment Values Across Genola, Utah
In Genola, 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’s Office 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 Genola, 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 Genola helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Genola are both $3,082, found in the 84655 zip code.
Average Genola Assessed Value
$651,650
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 Genola, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84655 | $392,920 | $533,900 | $651,650 | $771,800 | $917,910 |
Source: Ownwell
Property Tax Bills Across Genola, Utah
In Genola, Utah, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. The median home price in Genola is $651,650, and property tax rates are influenced by various factors including local government budgets and public service needs. For homeowners in Genola, property tax bills can vary widely. The 25th percentile tax bill is around $2,180, while the 75th percentile tax bill reaches up to $3,839. At the 90th percentile, homeowners may see tax bills as high as $4,589. The highest median tax bill recorded in the area is $3,082. These taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life in the community. Compared to the national median property tax rate of 0.99%, Genola’s property tax rates reflect the specific needs and values of the local area.
Average Genola Tax Bill
$3,082
Average Utah County Tax Bill
$2,288
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Genola, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84655 | $1,667 | $2,180 | $3,082 | $3,839 | $4,589 |
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 |