Property Taxes
How is the property tax on
my home computed?
The property tax on your home is computed mostly based on the market value of your home. This market value is determined by the tax assessor based on general market values in the area for property and homes. The market value is not the actual price you paid for the home nor is it the construction cost. The house is measured and a per-square-foot value is applied to the house. The market value is determined when the house is first built and then that value is updated periodically.
The market value is multiplied by a percentage factor (called the Residential Exemption) which is determined by the State Legislature. This figure is constant statewide and is currently 55%. This gives you the “taxable value” of your house. This taxable value is then multiplied by the tax rate of each of the entities charging property tax. The sum of the various taxes (city, county, school, cemetery district, etc.) is your total property tax.
How could my taxes change?
There are basically four ways your property tax can change. (1) Improvements to the property, such as building a home on a vacant lot or a change to the livable square footage of the home, would result in a change in the market value of the property. (2) As time passes, market values of property throughout a city change. A reassessment of the property value of your home by the county assessor could change your property’s recorded value. (3) The taxing entities (for example - the city, the county, or your school district) could change the tax rate. This can only be increased after public notice and hearings. (4) The state legislature could change the residential exemption. All these types of changes could combine together to make significant changes in the taxes for a specific piece of property.
When are taxes set, and when
are taxes paid?
A Truth in Taxation Notice should
be mailed to you each July that will list the market value of the property and
the various property taxes you will be assessed. There is a thirty (30) day appeal window for
this notice. In October your actual tax
bill should be sent to you and that bill needs to be paid no later than
November 30th at
Need more Information? Call the Cache County Assessor’s
Office at 750-5300 or stop by at 179 N.
NLC Info Sheet 002