How much does it really cost to buy a home in Park City beyond the purchase price?
Plan on more than the list price. In Park City, buyers in resort communities like Empire Pass, Promontory, and Canyons Village pay a transfer fee at closing, typically 1% of the purchase price. HOA dues run from about $500 to over $5,000 per month depending on the building, some properties require a six-figure club membership deposit as a condition of purchase, and second homes are taxed on 100% of market value while primary residences in Utah are taxed on just 55%. On a $4 million purchase, these line items can add $40,000 at closing and tens of thousands per year in carrying costs.
You found the property. The price works. Then your agent walks you through the closing statement and the carrying costs, and the numbers look different than they did on Zillow.
This is one of the most common conversations we have with buyers in Park City right now, especially buyers coming from markets where the purchase price tells most of the story. Here, it doesn't. The Park City market is highly segmented, and the costs that sit underneath the purchase price change subdivision by subdivision. What's true in Old Town is not true in Empire Pass, and neither looks like Promontory or a new release at Deer Valley East Village.
Here's how to budget the real number.
The closing costs nobody budgets for
Start with the good news. Utah has no real estate transfer tax, and the state's baseline transaction costs are low compared to feeder markets like California, New York, and Illinois. If you're paying cash, your required closing costs in Park City can come down to a title settlement fee of roughly $350 and a $20 recording fee. Financed buyers should plan on the familiar 2–4% of purchase price once you add loan origination, appraisal, title insurance, and prepaid insurance and taxes.
The number that surprises people is the resort transfer fee.
Most communities in Empire Pass charge a buyer-paid transfer fee at closing of 1% of the purchase price, collected by the master association. On a $4 million ski condo, that's $40,000 due at closing, and some individual sub-associations stack their own fee on top of the master fee. Promontory charges a 1% transfer fee as well, which funds the golf courses and amenity infrastructure. Across the broader market, HOA transfer fees range from a few hundred dollars in smaller associations to 1–2% in luxury developments, and some new projects add a separate capital contribution that can run well into five figures.
These fees aren't negotiable line items you can shop. They're set by the association documents, they're disclosed during your due diligence period, and they belong in your budget from the first offer you write. We model them for every property our buyers consider, because two condos at the same list price can carry meaningfully different costs to actually close.
A few other line items worth flagging at the luxury level:
- Appraisals on high-end mountain properties typically run $1,000–$2,000, not the $500 you may have paid elsewhere.
- First-year homeowners insurance is collected at closing and can run $3,000–$12,000 on Park City properties.
- Document and management fees from HOA management companies add a few hundred dollars more.
HOA dues and club memberships: the recurring math
Closing costs happen once. The recurring costs are where ownership math is won or lost.
HOA dues in Park City start around $500 per month for simpler associations and climb past $1,500 per month in the resort condo-hotel buildings of Deer Valley and Canyons Village, where dues cover snow removal, shuttles, pools, hot tubs, valet, and front-desk operations. At the top of the market, dues exceed $5,000 per month. None of this is wasted money in a ski town, since snow removal and building maintenance at 8,000 feet are real expenses, but it has to be in your model.
Two patterns catch buyers off guard:
- Developer-subsidized dues. In new developments, the developer often subsidizes operations during sellout, so published dues look attractive. After turnover to the owners, dues commonly rise 15–30% as true costs surface. If you're buying pre-construction at Deer Valley East Village or anywhere along the Jordanelle corridor, budget for the post-turnover number, not the sales-office number.
- Rental-program requirements. Some buildings with nightly rental programs require furniture packages and replacement reserves. If your plan involves renting the property, verify both the requirement and whether nightly rentals are allowed at all, because short-term rental permission in Park City varies subdivision by subdivision.
Then there's the club layer, which is unique to a handful of communities and completely changes the cost profile. At The Residences at the Tower in Empire Pass, a Talisker Club membership is a condition of purchase, with a $200,000 deposit that can't be waived or deferred. Elsewhere in Empire Pass, membership is optional, with initiation fees typically in the $150,000–$300,000+ range and annual dues of $15,000–$25,000. At Promontory, golf membership deposits run around $300,000 with annual dues near $18,000, and golf memberships are currently waitlisted, which means the membership status attached to a specific property can materially affect its value.
If you're comparing a Deer Valley condo to a Promontory home to a single family house in Park Meadows, you're not comparing three prices. You're comparing three completely different cost structures. That's exactly the kind of analysis we run with clients before writing an offer, and it's worth reading our guide on choosing the right approach to luxury home buying in Park City alongside this one.
Property taxes: the primary residence question
Utah's property tax structure rewards full-time residents, and it's the single biggest recurring-cost difference between a primary home and a vacation home here.
Under Utah's primary residence exemption, a home you occupy at least 183 days per year is taxed on 55% of its market value. A second home is taxed on 100%. Same house, same tax rate, nearly double the taxable base. It's a big enough difference that roughly 60% of Summit County's property tax revenue comes from second homes.
Three details matter if you're buying:
- The exemption is removed every time a property changes hands. Even if the seller had it, you start over.
- You apply through the county assessor, and applications must be received before May 1 of the tax year you want it to apply.
- Vacation rentals and second homes don't qualify, and counties do verify occupancy status.
If you're relocating to Park City full time, file for the exemption as soon as you qualify. If you're buying a second home in Deer Valley, Promontory, or out in Midway or Heber, run your carrying costs at the full 100% assessment so the tax bill never surprises you. Buyers weighing a vacation property against a future full-time move should look at our breakdown of what to consider when buying a second home or vacation property in Park City, because the use plan changes the tax math, the financing, and often the right neighborhood.
One more planning note: lenders treat second homes differently too, with higher down payment requirements and slightly higher rates than primary residences. Your lender will walk you through specifics, but a 10–25% minimum down payment is the typical range for second-home financing.
What this means for your budget
Put it together with a realistic example. Say you're buying a $4 million ski condo in Empire Pass as a second home:
- Transfer fee at closing: ~$40,000 (1% to the master association, possibly more with sub-HOA fees)
- Standard closing costs: $370 if cash; 2–4% of price if financed
- HOA dues: $18,000–$60,000+ per year depending on the building
- Club membership: $0 if you skip it, $150,000–$300,000+ initiation if you want Talisker, mandatory $200,000 deposit in one building
- Property taxes: assessed on 100% of market value as a second home
None of these numbers should scare you off. Park City's cost structure is still favorable compared to most luxury resort markets, there's no transfer tax, and the amenities these fees fund are a real part of what makes ownership here worth it. But the difference between a buyer who budgeted these costs and one who discovers them in week three of escrow is the difference between a smooth closing and a stressful one. The same logic applies if ski-in/ski-out access is driving your search, where access type and building program drive both price and carrying costs.
Frequently Asked Questions
What are resort transfer fees in Park City?
Resort transfer fees are one-time fees paid at closing in many Park City resort communities, typically by the buyer. Empire Pass and Promontory both charge 1% of the purchase price, which funds master association amenities and infrastructure. Smaller associations may charge flat fees of a few hundred to a few thousand dollars instead.
How much are HOA fees in Park City?
HOA dues start around $500 per month for basic associations and exceed $1,500 per month in full-service resort buildings in Deer Valley and Canyons Village. The most amenity-rich luxury buildings run $5,000+ per month. Dues typically cover snow removal, building maintenance, and amenities like pools, shuttles, and ski storage.
Do second homes pay higher property taxes in Utah?
Yes. Utah's primary residence exemption taxes a primary home on 55% of market value, while second homes and vacation rentals are taxed on 100%. To qualify as a primary residence, you must occupy the home at least 183 days per year and apply with the county before May 1. The exemption resets every time a property is sold.
Does Utah have a real estate transfer tax?
No. Utah charges no state or county transfer tax when property changes hands, which keeps baseline transaction costs low. The transfer fees you'll see in Park City are private fees charged by homeowner associations in specific resort communities, not government taxes.
Is a club membership required when buying in Empire Pass or Promontory?
Usually it's optional, but not always. The Residences at the Tower in Empire Pass requires a Talisker Club membership with a $200,000 deposit as a condition of purchase. At Promontory, property ownership doesn't include membership, and golf memberships are currently waitlisted, so a property with a transferable membership can carry a meaningful premium.
The purchase price gets you to the table. The transfer fees, dues, club deposits, and tax treatment determine what ownership actually costs, and in a market this segmented, those numbers change street by street. We model the full cost of ownership for every property our clients consider, before the offer goes in.
If you're looking for luxury real estate in Park City or anywhere across the Wasatch Back, we're happy to consult on the market and help you assess your options. Reach out to schedule a private consultation with our team.
About David Lawson
David Lawson is the founder of the Lawson Real Estate Team, a luxury real estate group serving Park City and the greater Wasatch Back, including Hideout, Midway, Heber, and Kamas. He leads a team that has closed more than 3,920 transactions and earned recognition as the #1 eXp Realty team in Utah (2022–2025) and previously the #1 Engel & Völkers team worldwide (2019, 2021). David and his team specialize in high-end mountain properties—from single family homes and new construction to ski-in/ski-out vacation properties and short-term rental investments—guiding buyers and sellers through one of the most segmented luxury markets in the country.
