State law mandates that all property is subject to taxation unless otherwise exempted. Real property tax is levied on land and improvements. Improvements include all assessable buildings and structures on the land.
All new building or additions require building permits from the local authority, copies of all building permits should be sent to the Assessor’s office. New building, additions, and other structures, require a reappraisal from the assessor’s office. Structural repairs and/or replacement are not appraisable in most situations.
The value of new construction is added to the existing improvement assessed value. As with all newly assessed values, the property owner has the right to appeal the value.
The Appraisal Division
The Millard County assessor, and appraisers, as required by State Statue all appraisals performed are by appraisers licensed through the Utah State Division of Real Estate and certified by the State Property Tax Division. It is the duty of the Property Tax Division to ensure that the assessment of property will be performed in a professional manner by competent personnel, meeting specified professional qualifications.
How Value is Determined:
Value is determined in accordance with accepted appraisal standards and techniques. There are three approaches to value which are considered and used as appropriate. These approaches to value are based on:
- Sales in the market place
- Income generated or that could be generated by a property
- What would be the cost to replace or construct a similar property
Other Factors which may influence value include:
- The highest and best use to which the property can be expected to be put in the immediate future and the present use of the property, taking into consideration any applicable local or state land use regulation and considering any moratorium which may be imposed by any regulatory authority.
- The location of said property.
- The quality or size of said property.
- The condition of said property.
Formula for Collecting Taxes in Millard County:
Primary Residence (one primary exemption per married couple)
Primary residences receive a 45% exemption according to State Statue. The 45% exemption only applies to the first acre of land, any overage is calculated at 100%. The primary residential property taxes are calculated as follows:
|Market Value x .55
x Tax Rate
Total Taxes Owed
|$260,000 – Market Value
$143,000 – Taxable Value
x 0.012345 – Tax Rate __________
$1,765.34 – Total Taxes Owed
Commercial, Vacant Land and Second Home
There is no deduction for these types of property. They are taxed at 100% of the market value.