Taxes and Assessed Value : Why you should buy in Utah.

Posted by Team Schlopy on Thursday, December 6, 2018

Just wanted to reach out to all of you buyers out there and give you a little information about what’s going on in Park City and in Utah.  

Non-Disclosure State

Something that a lot of people don’t know is that we are a non-disclosure state. And you ask, what does that mean? Well, that means that we do not have to tell the county or the state on how much we paid for our homes when we make a purchase. 



Lower Tax Rate

Your advantages are that you have a lower tax which we already have a lower tax rate already for the entire just being in Utah. So with that lower rate, in Summit County, which is where Park City is, you will also get a primary discount on your taxes. So you would pay .55% of what your assessed value is, and what that means, like I said, we don’t report what our tax or what our purchase price are to the county or to the state, so the county assessors assess your property. 

Summit County Tax Discount as a Primary Residence

But it’s generally lower than what you purchased your home for. And then above and beyond that, you will get that .45% discount. So say you have a home for 500,000. The assessed value on your home is let’s give it 420,000. If you are living in that home for a primary residence, you will get a .45% discount so you’ll be paying .55% of that 420,000 for your yearly taxes.

Conclusion

So that is a huge advantage of purchasing in Utah. So if you’re from another state, say like Illinois, which is the second to highest tax bracket, you can live here for a primary residence for a lot less money. So for any of you guys that are out there that think that your taxes are too high, reach out to an agent here in Park City and see what we can do for you to purchase a home in our great area.