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Utah has an effective property tax rate of 0.52%, producing an average annual bill of $2,191. The US national average is 1.07% — Utah's rate is well below, placing it at rank #8 out of 50 states (rank 1 = lowest).
Utah assesses residential property at 100% of market value (assessed value = market value). The certified tax rate (CTR) system requires local governments to hold a Truth-in-Taxation hearing before raising property taxes above the revenue-neutral CTR. Utah's residential exemption effectively reduces the taxable value.
The Residential Exemption reduces the taxable value of primary residences by 45% of fair market value. For a $500,000 home, only $275,000 is taxable. This is one of the most generous residential exemptions in the West.
The Truth-in-Taxation (TNT) process limits levy growth — any increase above the revenue-neutral rate requires a public hearing and is often challenged politically, providing a practical brake on tax growth.
Utah combines a very generous 45% residential exemption with a CNT process that functions as a practical cap, making it one of the most favorable property tax environments in the Mountain West despite rapidly rising home values.
The median home value in Utah is $470,000. Utah's housing market saw extreme appreciation 2020-2022 (50-70% in Salt Lake and Utah counties), followed by a significant correction in 2023. Prices remain well above 2019 levels. St. George and Park City are premium markets. At the 0.52% effective rate, a homeowner at the median value pays roughly $2,191/year in property taxes.
Data: Tax Foundation (2024), US Census Bureau ACS 2023, Zillow, ATTOM Data Solutions. Updated 2024–2025. Figures reflect state averages — consult a licensed professional for personalized advice.
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