FY94-95 Utah Tax Revenues Continued Dramatic Growth Utah tax revenues continued" their dramatic growth in the fiscal year ended June 30, 1995 according to the State Tax Commission. State sales tax revenue grew at a rate of 8.6 percent, individual and corporate income tax revenue was up 12.9 percent and property tax revenue grew 8.1 percent. The bulk of Utah's revenues continue to come from a relatively balanced three legged stool of property taxes, personal and corporate income taxes, and sales taxes. Propertv tax revenues topped $1 billion for the first time in history in 1994 rising from $0,955 billion in 1993 to an estimated $1,032 billion in 1994. The lowest property tax rate in Utah was .009616 in unincorporated ' Daggett Countv. The highest rate is well above 2 of value at .025257 in Duchesne. The 1994 statewide average property tax rate was 1.6 percent, up slightly from 1.59 percent in 1993. Revenues from individual income taxes also topped $1 billion for the first time in history, increasing from $0,925 billion in " 1993-94 to $1,023 billion in 1994-1995. 1994-1995. The greatest revenue growth was generated by the Corporate Franchise Tax. Revenue from this tax was up 31 percent from $121 million in 93-94 to $158 million in 94-95. This increase is due to rising corporate profits and decreasing loss carryforwards. The Uniform School Fund, the beneficiary of all income tax and corporate franchise tax revenues, grew 12.9 percent from $1,016 billion in 93-94 to $1,181 billion in 94-95. Revenues from sales tax increased 8.6 percent from $1,215 billion in 1993-94 to $1,320 billion in 1994-95. The state portion, which accounts for nearly 80 percent of sales tax revenues, increased 7.7 percent. The local portion, which accounts for 16 percent of the sales tax revenues, increased by 12.5 percent. The remaining portions-transit, resort, and Olympicsaccount for only 4.0 percent of the sales tax revenues and increased 12.8 percent over the same period.