Exemption Form Homestead With Multiple Owners In Salt Lake
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FAQ
Property owners will be taxed on their taxable value, which is 100% of the property's market value for secondary homeowners, and 55% of the property's market value for primary owners.
A property that is granted a primary residence exemption is only taxed at 55% of the market value of the home and up to one acre of land.
You may be eligible for the primary residential exemption if you occupy your home for 183 consecutive days or more in a calendar year. The exemption applies to your house and up to one acre of land. Apartments, condos and mobile homes also qualify.
KEY TAKEAWAYS You can only deduct property taxes on your tax return if you take the itemized deduction. You can deduct up to $10,000 of state and local taxes — including property taxes — for single or married couples filing jointly and $5,000 for couples filing separately.
Must be 75 years of age prior to January 1, 2026. Property Assessed Value must be no greater than 100% of the Salt Lake County Median Property Value OR must have owned the residence for a continuous 20 year period as of January 1, 2025.
You may be eligible for the primary residential exemption if you occupy your home for 183 consecutive days or more in a calendar year.
The Circuit Breaker tax relief program assists eligible elderly homeowners by reducing property taxes on their primary residence. Those eligible may obtain: A reduction or abatement of property taxes on a principal residence equivalent to a 20% reduction in fair market value of your property.
