finance

Primary Residential Exemption (Utah)

Utah gives primary residential property a 45% reduction in fair market value for property tax, so a qualifying primary residence is taxed on 55% of its value. It applies to one primary residence per household and can apply to a rental unit that is a tenant's primary residence, but not to second homes, cabins, or most short-term rentals. It covers up to one acre per unit, and value is measured as of January 1. Utah has no transfer tax.