What You Need To Know About Property Taxes Before Moving to Kanab
Kanab, Utah's gem, offers more than just breathtaking landscapes; it's a hub for real estate investment and homeownership. This guide will navigate the financial aspects of owning property in Kanab, focusing on property taxes, including the essential Primary Residential Exemption.
Property Taxes in Kanab: An Overview
Property taxes in Kanab are determined based on the property's assessed value. These taxes are essential for funding crucial local services. The tax rate is calculated in mills, providing clarity on the amount owed per thousand dollars of assessed value.
Primary Residential Exemption: A Significant Financial Advantage
A key financial benefit for homeowners in Kanab is the Primary Residential Exemption. Residential properties occupied full-time by the owner or a tenant may qualify for a 45% exemption of the market value. This means the property is assessed and taxed based only on 55% of its market value, applying to improvements and up to one acre of land.
Calculating the Impact
For example, a property with a market value of $250,000, without the exemption, would have a property tax of $2,500 at a 1% tax rate. With the exemption, the taxable value drops to $137,500, resulting in a property tax of only $1,375. This significant reduction demonstrates the exemption's value for homeowners in Kanab.
Eligibility and Limitations
It's important to note that the exemption is limited to one per household and doesn't apply to short-term rentals, vacation homes, time-shares, or transitory housing. To benefit, homeowners must apply for the exemption through the county assessor's office.
Kanab's real estate market is not just about picturesque views but also about financially savvy investments. Understanding and utilizing property tax exemptions like the Primary Residential Exemption can lead to substantial savings, making Kanab an attractive option for homeowners and investors alike.