Facebook Twitter

LAG IN VALUATIONS BLAMED FOR IMPENDING TAX BOOSTS

SHARE LAG IN VALUATIONS BLAMED FOR IMPENDING TAX BOOSTS

The Utah Foundation, a non-profit government study group, says the State Tax Commission wouldn't have had to increase property valuations in 25 of Utah's 29 counties if assessors had kept up with the recent real estate boom.

Foundation director Michael Christensen says the average price of a home in Salt Lake County has increased from $87,798 in 1991 to $123,576 in 1994.Yet because of the former county assessor's policy of reappraising property every five years on a rotating geographic basis, valuations of many houses in the county have not been increased, even though property values jumped 71 percent over three years.

State law says all property must be taxed at its "fair market value," so some properties lag behind in booming real-estate years if assessors don't reappraise properties annually.

The commission's "factoring" order released Monday says that in 1995 valuations of homes in Salt Lake County - depending on where they're located - must be increased from 22 percent to 27 percent.

County Commissioner Brent Overson, who will likely be commission chairman after the first of the year, says he wants the assessor to reappraise all residential properties in 1995 and thus sidestep the commission's order.