Park City and Deer Valley Real Estate News

Property Taxes in Park City and Utah – How Does our Area and State Compare to others?

For property owners in Utah, late summer includes the arrival of property tax notices. 

Owners of real estate in Utah should receive their notice of estimated property taxes from their county by early August.  The actual, final tax bill is due at the end of November, and this estimate includes a proposed tax amount for each property based on budgets from different taxing entities in the area.  The estimate also includes a valuation of the real estate, discloses the change in the amount due – if the changes to these budgets are approved, and whether or not the primary residence discount applies.  

Market conditions change, and valuations can change year to year.  If the valuation is too high, there is an appeals process which needs to be initiated by mid September.  The amount of taxes owed depends on many factors, including the valuation and whether the property qualifies for a discount for primary residence status.  

It’s certainly important for owners to read these estimates.  The valuation may by high, and or the occupancy status may be incorrect – something that would need to be corrected prior to mid- September. 

Throughout the Park City area, we have many owners that move in from states with much higher property tax rates.

So…how does Utah compare to other states, and how does Summit and Wasatch County compare to other counties in Utah? 

According to PropertyTax101:

Utah ranks 32nd out of 50 for median property tax amount and 40th out of 50 for median property tax rate. 

Summit County’s median tax collected is highest in the state, but one of the lowest counties for median tax rate.

There are 29 counties in Utah, and Summit County (includes Park City and Deer Valley, Kamas, Oakley and others) ranks 1st out of 29 for median tax amount collected per property.  Not a surprise, given the high property values in these areas, and the number of non-primary residents that pay the full rate, frequently on some of the most expensive real estate.  However, Summit County’s tax rate of median home value is ranked 24th out of 29. 

Wasatch County includes much of the area surrounding the Jordanelle, parts of Deer Valley, Heber City, Midway, and other communities ranks 21^st out of 29^th among Utah counties for median tax rate. 

Overall, Utah’s property tax rate remains below average.  Summit and Wasatch County’s median tax rates are some of the lowest in the State.