Real estate agents in Salt Lake City should understand the city’s annual property tax rates. While your clients, especially first-time homebuyers, may not think about property taxes during the home search, knowing the property tax rates can help them make informed buying decisions.
As you establish your 2023 real estate business strategy, it’s essential to stay on top of the market. Apart from having a general understanding of your local market, you need to know home value trends, interest rate shifts, and the annual property tax rate of surrounding counties.
Keep reading to learn about the upcoming property tax rates for Salt Lake City, Utah, and nearby areas to become an expert in all things SLC.
Property tax rates in Salt Lake City for 2023
Salt Lake City has a population of over 200,500, while Salt Lake County has a population of around 1.2 million. The median sale price of homes in SLC is $544,000, up 15% from November 2021. While prices are up, the number of sold homes is down 50% from 2021. Additionally, days on the market increased to 41 from 24 days the previous year.
As for property taxes, Salt Lake City’s property taxes are calculated based on the tax area, school district, and other municipal services. Therefore, depending on where you live in Salt Lake County and Salt Lake City, you may have different property tax rates.
For homes located within Salt Lake City and the Salt Lake City school district, the 2022 adopted property tax rate is 0.010537.
The lowest property tax rate in Salt Lake County is in the Murray City Municipality, with a rate of 0.009003. The mean average tax rate across the county is 0.011123, making Salt Lake City slightly lower than other parts of the county.
Will property tax rates rise?
Property tax rates have been rising across Salt Lake City County. In 2022, an increase in property tax rates was approved, which includes increasing property tax to assist county libraries.
While homes are appraised by January 1st, 2023, homeowners won’t receive an official “Notice of Valuation and Tax Change” until July 2023, which will list the proposed increases.
Tax rates in surrounding areas
Salt Lake City is a desirable community in Utah, even with the higher property tax rates. That said, your clients may be interested in other communities nearby.
While rates vary depending on the area in which a property is located in each county and city, here are average tax rates in surrounding counties:
- Utah County: 0.008621
- Summit County: 0.006474
- Davis County: 0.009665
- Tooele County: 0.011077
What does property tax revenue fund in Salt Lake City?
Property tax revenue funds several localized necessities and projects in Salt Lake County with a heavy focus on improving and maintaining public school systems.
Like most counties, property taxes in the SLC area are levied by:
- SLC school districts
- State basic school levy
- SLC school district capital outlay
- Capital improvements
- Flood Control
- Libraries
- Health services
- Trash, snow removal, city necessities
- Water and sewer infrastructure
That said, property owners in Salt Lake City, Utah, may qualify for certain homestead exemptions. To learn more, check with the local county appraisal district.
Important information to know when moving to Salt Lake City, Utah
If you have a buyer looking at listings in SLC, Utah, it’s important to share some vital tax information and dates.
Yearly taxes are due by November 30th, with penalties applied and collected by January 31st.
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