What are taxes and how often are properties reassessed in SLC?

[Armand Farr]

Hi there,

I've had a hard time getting a straight answer from lenders / the county on this one so I thought I'd ask BP.

1. Tax Rate: What's the tax rate like in Salt Lake City (looking at South SLC - Sugar House, Millcreek, Highland Park)? Is this as simple as % multiplied by the property value? I've been seeing 1.1-1.2% which would be ~$400/mo on a $400k property. Seems high.

2. Reappraisals: If I buy a property for $350k, put in $50k of work, and now it's worth $500k. How likely is the county to reappraise the property and tax me at $500k versus the $350k I bought it for?

Thanks all!

[Tom Swapp]

@Armand Farrokh I live in Millcreek. That tax rate is about right. Mine is 1.4% but there is an exemption for residential property so it's taxed at 45% of assessed value. So assessed value * 45% * tax rate = tax amount. And assessed value is less than FMV by more than 10% (at least they are in my area).

I don't have experience with reassessments but I would think that if you pulled permits for a large reno then you'd get reassessed the next year. Otherwise I would not expect a big reassessment and would not expect one for at least a year after any reno.

Hope that helps some.

Tom