One BIG thing of being a property owner in Utah, is paying property taxes. There are definitely some things to keep in mind when first purchasing your home when it comes to property taxes:
- Assessed value of the home. This is the value the property taxes are based on. Ask to see the most recent tax records or look online.
- When was the last reassessment done? How often has it been assessed?
- Was there any changed in the reassessed home value or the amount of taxes? WILL there be a change in the next tax period?
- Is there a real discrepancy between this property and surround properties in their assessed value? This may be grounds to appeal the tax value at a lower rate, if it’s a lot lower.
- Does the current property tax reflect any special exemptions that the new buyer may qualify for?
Once you have purchased your home, you need to know the important tax dates – especially to pay your property taxes on time. If your tax payment is escrowed, you don’t have to worry about paying your taxes, your escrow company will take care of it. HOWEVER, you may just want to check to make sure they are paid; sometimes it does happen – payment was not made. If it is, you may want the escrow company to make up for their oversite by immediately paying the tax with any penalty.
Salt Lake County Important Tax Dates:
January 1: Tax lien date. All property is appraised and ownership is established.
January 31: Treasurer has advertised all current year delinquent real property taxes in a newspaper of general circulation. Delinquent taxes paid after this date include a 2.5% penalty with a $10 minimum, and interest at the rate set by statute.
March 15: Treasurer must complete the official record of delinquent taxes and certify the record. The Treasurer must prepare and deliver to the Auditor the "Tax Sale Listing" of all properties whose redemption period is expiring. The redemption period expires on March 15 of the 5th year after the taxes became delinquent.
May, June: The Auditor conducts the final tax sale(s) of properties for which the redemption period has expired. Public notice of the final tax sale is published in a newspaper of general circulation once each week for four consecutive weeks immediately before the scheduled sale. Notice is also provided by certified and first class mail to the recorded owner, the occupant, and all other interests of record. Properties may be redeemed on behalf of the recorded owner at any time prior to the tax sale.
May 22: Assessor has completed the assessment roll and certifies assessed values to the Auditor.
July 22: Auditor must prepare and mail the Notice of Valuation and tax changes to all real property owners. Scheduled budget hearings for fiscal year taxing entities (cities and school districts) are disclosed in the Valuation Notice.
August 15 - September 15: File valuation appeals with Board of Equalization.
September 1: Statutory deadline for filing tax relief applications with Treasurer.
November 1: Tax Notices must be mailed to property owners by this date. Scheduled budget hearings for calendar year taxing entities (the county, water, sewer, and other service districts) are disclosed in the Tax Notice.
November: Treasurer receives and posts payments of current year real property taxes.
November 30: Last day to pay current year property taxes without penalty.
December 1: Real property taxes become delinquent. The penalty for delinquent taxes is the greater of 2.5% or $10 for each parcel. The penalty will be reduced to the greater of 1% or $10 if all 2011 delinquent taxes and the 1% penalty are paid on or before January 31.
If you’re not sure what you should be asking when looking for your new home in the Salt Lake County area, we’re here to help!! We can help you every step of the way and make sure you’re asking the right questions and answering those you may not think to ask.
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