What?
WHAT?
Property tax is based on the revenue needed for government services and the fair market value of real property and personal property for both commercial and residential properties. All property tax valuations are based off of 100% of the fair market value, but the taxable value for residential real property is often the value after exemptions are applied.
The most common exemption is the primary residence exemption, and some residential properties in Wasatch County can also qualify for the greenbelt or urban farming exemptions. Residential tax assessments do not consider personal property.
Commercial Property:
Personal and Real property is assessed at 100% market value as of January 1st of each year.
Residential Property:
Real property is assessed at 100% market value as of January 1st of each year.
Primary Residence Exemption:
A 45% property tax exemption if you occupy your home for 183 or more consecutive days in a calendar year.
Greenbelt Exemption:
Utah Farmland Assessment Act allows agricultural land to be assessed based on its productive capacity rather than market value.
Urban Farming Exemption:
Parcels under 5 acres may be assessed based on its productive capacity rather than market value if certain conditions are met.