Spanish Fork, Utah Property Taxes
The median property tax rate in Spanish Fork, UT is 0.71%, which is lower than the national median of 0.99% but higher than the Utah state median of 0.55%. With the median home value in Spanish Fork at $166,250, the typical annual property tax bill amounts to $1,512, below the national median of $2,690. Property taxes in Spanish Fork are calculated based on the tax assessed value, which often falls below the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Spanish Fork'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 Spanish Fork 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
Spanish Fork, Utah Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$1,180
Ownwell’s Spanish Fork Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Spanish Fork with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Spanish Fork 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 Spanish Fork, Utah
Property taxes in Spanish Fork, Utah, are essential in funding local services such as public schools, road maintenance, and emergency services. The median tax rate in Spanish Fork is 0.71%, which is lower than both the Utah state median and the U.S. national median of 0.99%. Local government entities within Spanish Fork set these rates annually, and they can vary across different neighborhoods. Each year, Spanish Fork 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 Spanish Fork's effective property tax rate to other areas in Utah and the national median. For comparison, the zip code 84660 has both the highest and lowest median property tax rate of 0.71%. Understanding how these cities compare with Spanish Fork 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 Spanish Fork Tax Rate
0.71%
Average Washington County Tax Rate
0.40%
Average Utah Tax Rate
0.55%
Average United States Tax Rate
0.99%
Property Tax Rates Across Spanish Fork, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84660 | 0.71% | 0.71% | 0.71% | 0.71% | 0.71% |
Source: Ownwell
Property Tax Assessment Values Across Spanish Fork, Utah
In Spanish Fork, 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 Spanish Fork, 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 Spanish Fork helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills both amount to $1,512, specifically in the 84660 zip code.
Average Spanish Fork Assessed Value
$166,250
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 Spanish Fork, Utah
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84660 | $129,250 | $143,125 | $166,250 | $189,375 | $203,250 |
Source: Ownwell
Property Tax Bills Across Spanish Fork, Utah
In Spanish Fork, located in Washington County, UT, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county assessor and is typically a percentage of the property's market value. The tax rate in Spanish Fork is applied to this assessed value to determine the annual property tax bill. Several factors can influence the assessed value, including the property's location, size, and condition, as well as the current real estate market trends. For homeowners in Spanish Fork, the median home price is $166,250, and the median property tax bill is $1,512. This rate is notably lower than the national median property tax rate of 0.99%, making it relatively affordable for homeowners. Understanding how property tax bills are calculated helps homeowners in Spanish Fork budget more effectively and plan for future financial obligations. It also highlights the importance of staying informed about property assessments and any potential changes in tax rates that could impact their annual tax bills.
Average Spanish Fork Tax Bill
$1,512
Average Washington County Tax Bill
$1,953
Average Utah Tax Bill
$2,492
Average United States Tax Bill
$2,690
Property Tax Bills Across Spanish Fork, Utah
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 84660 | $1,512 | $1,512 | $1,512 | $1,512 | $1,512 |
Source: Ownwell