Midvale, Utah Property Taxes
The median property tax rate in Midvale, UT is 0.73%, which is significantly lower than the national median of 0.99% but higher than Utah's state median of 0.55%. With a median home value of $65,500 in Midvale, the typical annual property tax bill amounts to $476, well below the national median of $2,690. Property taxes in Midvale are calculated based on the assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Midvale'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 Midvale or another part of the city, understanding the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Midvale, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.73%
Estimate Property Tax Bill
$478
Ownwell’s Midvale Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Midvale with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midvale 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 Midvale, Utah
Property taxes in Midvale, Utah, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Midvale is 0.73%, lower than both the Utah state median and the U.S. national median of 0.99%. Local government entities within Midvale set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midvale 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 Midvale's effective property tax rate to other counties in Utah and the national median. For comparison, the 84047 zip code has the highest median property tax rate of 0.73%, while the 84047 zip code also has the lowest median tax rate of 0.73%. Understanding how these cities compare with Midvale provides valuable insights into the varying tax landscape across Salt Lake County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Midvale Tax Rate
0.73%
Average Washington County Tax Rate
0.40%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midvale, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84047 | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
Source: Ownwell
Property Tax Assessment Values Across Midvale, Utah
In Midvale, 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 Washington 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 Midvale, 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. The median home price in Midvale is $65,500, and the median property tax bill is $476. 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 Midvale helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Midvale Assessed Value
$65,500
Average Washington County Assessed Value
$457,600
Average Utah Assessed Value
$457,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Midvale, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84047 | $65,500 | $65,500 | $65,500 | $65,500 | $65,500 |
Source: Ownwell
Property Tax Bills Across Midvale, Utah
In Midvale, Washington County, UT, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and typically reflects a percentage of the market value. Homeowners in Midvale experience a median tax bill of $476, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, including property size, location, and any applicable exemptions or deductions. For instance, exemptions for senior citizens or veterans can reduce the overall tax burden. The assessed value is multiplied by the local tax rate to determine the final tax bill. This relatively low property tax rate can be beneficial for homeowners, as it keeps annual expenses more manageable and can make the area more attractive for potential buyers. However, it's essential for homeowners to stay informed about any changes in property assessments or tax rates to effectively plan their finances.
Average Midvale Tax Bill
$476
Average Washington County Tax Bill
$1,953
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Midvale, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84047 | $476 | $476 | $476 | $476 | $476 |
Source: Ownwell