Park City, Wasatch County, Utah Property Taxes
Median Park City, UT effective property tax rate: 0.67%, significantly lower than the national median of 1.02%, but higher than the Utah state median of 0.55%.
Median Park City, UT home value: $2,901,240
Median annual Park City, UT tax bill: $17,917, $15,517 higher than the national median property tax bill of $2,400.
How are property taxes in Wasatch calculated?
Property taxes in Park City, UT are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.
Understanding Park City’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Park City, knowing local tax details benefits homeowners and investors.
Last Updated March 1, 2025
Park City, Wasatch County, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Median Effective Tax Rate
0.67%
Estimate Property Tax Bill
$19,438
$18,038
Property Tax Rates Across Park City, Wasatch County, Utah
Local government entities determine tax rates, and these can differ significantly within a state. Annually, each county calculates its necessary budget to fund local services and divides this by the total assessed value of all taxable property in its area. This calculation yields the property tax rate. Although votes and legislation play a role in setting these rates and budgets, this is essentially the annual procedure.
In Park City, located in Wasatch County, the effective property tax rate is 0.67%, which is considerably lower than the national median property tax rate of 1.02%. This lower rate can make Park City an attractive option for property owners compared to other cities in Utah and across the United States. While the national median property tax bill stands at $2,400, property owners in Park City benefit from a more favorable tax environment. Understanding these differences can help property owners make informed decisions about where to invest or reside, highlighting the importance of considering local tax rates when evaluating property costs.
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Park City Tax Rate
0.67%
Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.
Median Effective Wasatch County Tax Rate
0.52%
Median Effective Utah Tax Rate
0.55%
Median Effective United States Tax Rate
1.02%
Property Tax Rates Across Park City, Wasatch County, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84060 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Park City, Wasatch County, Utah
When examining property taxes in Park City, Utah, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Wasatch County Assessor's Office estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.
In Wasatch County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Park City. For example, the median home price in Park City is $2,901,240, with tax bills ranging significantly across the county.
Property Tax Assessment Values Across Park City, Wasatch County, Utah
Source: Ownwell
$619,000
$990,213
$1,361,426
Median Park City Market Value
$2,901,240
Median Wasatch County Market Value
$756,305
Median Utah Market Value
$457,600
Median United States Market Value
$235,294
Property Tax Assessment Values Across Park City, Wasatch County, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84060 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Park City, Wasatch County, Utah
In Park City, located in Wasatch County, UT, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. With a median home price of $2,901,240, homeowners in this area face substantial tax bills. The tax bill for the 25th percentile is $17,686, while those in the 75th percentile pay around $18,148, and the 90th percentile reaches $18,287. These figures significantly exceed the national median property tax bill of $2,400, highlighting the financial burden on homeowners in this region.
The tax bill is determined by multiplying the assessed value by the local tax rate, factoring in any applicable exemptions or deductions. Economic conditions, local government budgets, and school funding needs can also influence tax rates. Homeowners in Park City can benefit from Ownwell's expertise in property tax appeals and exemptions. By leveraging local market data and knowledge of tax regulations, Ownwell can help homeowners identify potential savings, ensuring they only pay their fair share and potentially reducing their property tax burden.
Median Park City Tax Bill
$17,917
Median Wasatch County Tax Bill
$4,768
Median Utah Tax Bill
$2,492
Median United States Tax Bill
$2,400
Property Tax Bills Across Park City, Wasatch County, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84060 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell