Show Research Brings Deep G Guts Cuts ts tsin in P. P G C. Assessed A Valuations A research study o of property sales sales' in Summit County will result in substantial reductions in assessed valuations in the Park City Area it was announced yesterday by Herbert i F. F Smart member of the Utah State Tax Commission The study first of its kind to be conducted in t hb for lor many years was completed last week weekly by analysts of of the Tax C Commission Oyer Over five hundred persons involved in transactions of properties were contacted in I person or by mail and were interviewed concerning concerning concerning con con- particulars of the sales The verified information demonstrated that depressed market conditions in the Park City area have brought about unrealistic valuations for tax purposes according to Commissioner Commissioner Commissioner Commis Commis- Smart The study showed that the average assessment assessment assess assess- ment sales ration h in Park City Survey was per cent in Snyders Addition io o Park City Ci y it i Iwa was per pe cent The Phe properties that th t thaC had haC b en sold in other areas of f the county show an average ratio of assessment to sales of 1764 per cent This latter when broken down shows the following average rations Coalville 1911 per percent percent percent cent Henefer 1665 Oakley 1826 Kamas 1758 and aud other scattered properties 1953 per percent cen cent t. t In order to bring the assessed valuations of Park City in iii line with the rest of Summit County insofar r as their relation to fair market value is concerned concerned- t he said sald the Tax Commission Com Com- mission Sion recommended a 49 per cent decrease in inI I asse assessed se valuation in Park City Survey and a 36 per c cent nt decrease in assessed valuation in Sn Snyders Snyder's Addition to Park City The action by the Tax Commission to reduce re roo duce duee these values was taken after consultation with the Summit County Commission and the tho Park City Council Both bodies concurred with and supported the tho reductions The Tho practical result of the study and its acceptance will bo be a third one-third to one-half one reduction reduction reduction re re- re- re in property tax paid by owners of properties proper ics in Park City The Tho study will mil continue throughout the State of Utah and will mil basis for provide a Equalization equalization equalization equal Equal- of asses assessed Cd values statewide said Commissioner Smart |