St George Utah Property Taxes Have Been Reduced!
Posted by on Friday, June 19th, 2009 at 7:10pm.A big thank you goes out to Washington County for finally offering a reduction in property taxes this year. Of course I did not check every single tax value (but I did check for my family and past clients!!) and everyone I know is going to get a little surprise when they open their tax bill this year.
It’s no secret that property values have declined over the past few years, and residents have been frustrated that their assessed value has not been reduced sooner. As property value began to skyrocket in St George, Washington County was quick to make some major adjustments by increasing the value (in some cases tremendously) to all parcels. This was hard to swallow for many residents who are living on a fixed income. There is a group here in town that has been working diligently to fight this taxation method, and they have been able to address many issues that affect the residents of Washington County, learn more about this group here. Of course we appreciate their efforts and offer support to all of their members.
How are Taxes Calculated in St George?
The county Assessor determines a “fair” market value (fair being the controversial word) to every property in Washington County. Usually, these values are conservative and generally are equivalent to 10% less than “actual” market value (but not always). If you are a “primary resident” then you will be exempt for 45% of this “fair market value” which means you are liable for 55% of the determined value multiplied by your specific areas taxation table. The amount is on average .0089% (but it can vary between every City)
How Much are Taxes in St George?
Well, if you are going to purchase a home (or even if you already own one) take a look at the Assessed Value (keep in mind this value will not change when you purchase the home). If the assessed market value is $299,000 and you are going to be a primary resident you will deduct 45% from that number, leaving a market value of approximately $160,000, this now becomes your “taxable value”. Multiply that number by your areas exact tax rate, for example, $160,000 x .008923 (or .89%) and you have a tax amount of approximately $1440.00 per year. If you are NOT a resident, you will multiply that tax rate by the full assessed market value (you can read qualifications for Primary Residence here).
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