How Much Does It Really Cost to Own a Second Home in Park City? A 2026 Breakdown

Buyers tend to focus on purchase price. The truer measure of a Park City second home is total cost of ownership, and it can vary by tens of thousands of dollars per year depending on the neighborhood, the club, and the property type. Here's a realistic line-item breakdown for what it costs to own a $4M to $8M second home in Park City in 2026.

1. PROPERTY TAXES

Utah's property tax structure penalizes second homes. Primary residences receive a 45% tax exemption; non-primary (second home) properties do not. On a $5M Park City second home, expect annual property taxes in the range of $35,000 to $55,000, depending on Summit vs. Wasatch County and the specific mill levy.

This is the single biggest surprise for out-of-state buyers — Utah's headline property tax rate looks low until you remove the primary-residence exemption.

2. HOA AND CONDO ASSOCIATION DUES

Resort condos: $15,000 to $60,000+ per year is typical at branded properties like Stein Eriksen Residences, Montage, St. Regis, or Pendry.

Promontory and similar club communities: HOA dues separate from club dues — typically $3,000 to $8,000/year for HOA.

Standalone homes in Old Town or Park Meadows: Often no HOA, or modest dues under $2,000/year.

3. CLUB INITIATION AND ANNUAL DUES

Promontory: Initiation fees have ranged from approximately $250,000 to $400,000+ depending on membership tier, with annual dues in the $25,000 to $35,000 range. Verify current numbers with the club directly — they move.

Glenwild: Initiation in the low six figures, annual dues in the $20,000s.

Talisker Club (Tuhaye and Empire Pass): Initiation in the $200K–$400K range depending on tier; annual dues around $20K–$30K.

These are not optional in many luxury communities — they're effectively required for ownership in the lifestyle the community sells.

4. INSURANCE

Mountain insurance is its own world. Wildfire risk modeling has gotten stricter every year. Plan for $5,000 to $25,000+ annually on a luxury Park City home, with higher costs at more remote addresses. Specialty carriers (Chubb, AIG Private Client, PURE) dominate the market.

5. UTILITIES

Heating a large home in a high-altitude winter is meaningful. Expect $8,000 to $20,000/year on electricity, gas, water, and sewer for a 6,000+ sq ft home. Snow removal adds $3,000 to $8,000.

6. PROPERTY MANAGEMENT AND MAINTENANCE

If you're not in town to handle weekly snow checks, deliveries, vendor coordination, and pre-arrival housekeeping, plan for a property manager. Cost: $500 to $2,000+ per month depending on scope. Add another $5,000 to $15,000/year in routine maintenance, deck staining, snow guards, and seasonal vendor service.

7. SHORT-TERM RENTAL MANAGEMENT (IF APPLICABLE)

If you're offsetting costs through nightly rentals, full-service management runs 25–40% of gross rental revenue. Resort-branded programs at St. Regis or Pendry can run 50%+ on the management split but handle marketing, housekeeping, and reservations end-to-end.

ROUGH ALL-IN ANNUAL CARRY EXAMPLE

$5M Park City second home, non-club, mid-size single family in Park Meadows or Silver Springs:

• Property taxes: ~$40,000
• Insurance: ~$10,000
• Utilities: ~$12,000
• Maintenance / snow / yard: ~$10,000
• Property management: ~$15,000
• Total: ~$87,000/year — before any mortgage costs

$5M Promontory home with club membership:

• Property taxes: ~$40,000
• HOA dues: ~$5,000
• Club dues (annual): ~$30,000
• Insurance, utilities, maintenance, management: ~$45,000
• Total: ~$120,000/year — plus amortized club initiation

THE TAKEAWAY

Plan on 1.5% to 3% of purchase price per year in carrying costs for a club property, and 1% to 2% for a non-club property. If you intend to rent, gross rental income can offset a meaningful portion in nightly-rental-approved zones — but net the income carefully against management and tax.

FREQUENTLY ASKED QUESTIONS

How much are property taxes on a $5M home in Park City?

Roughly $35,000 to $55,000 per year for a non-primary residence, depending on Summit or Wasatch County and the specific levy.

What are HOA fees in Park City?

Highly variable. Branded resort condos can run $15K–$60K+ annually. Club community HOAs run $3K–$8K. Many single-family neighborhoods have minimal or no HOA.

How much is the Promontory initiation fee?

Promontory membership initiation has typically ranged from approximately $250,000 to $400,000+ depending on tier; verify current pricing directly with the club.

Can rental income cover the cost of a Park City second home?

In nightly-rental-approved zones with the right property, yes — gross rental income on a well-located 3BR condo can offset most or all carrying costs. In residential-only zones, no.