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Show Serials Order Department University of Utah Salt Lake City, Utah 84112 WESTERN VOLUME 1, NUMBER 11 SALT LAKE CITY, UTAH MONDAY, JUNE 24, 1974 Utah Foundation Reports Employment Accelerating Property Taxes Low for Residences & High for Business Although the property tax in Utah tends to be low for residential and farm property, it is high for commercial and industrial property when compared with U.S. norms. This was the conclusion reached by Utah Foundation, the private tax research organisation, in their' latest study of the property tax burden on individuals and business. The Foundation report points out that a recent nationwide survey by the U.S. Advisory Commission on Intergovernmental Relations reveals that Utah's property tax burden on residential property is 35 below the U.S. average by the "income test" and 26 under the national average by test." The "income test" relates property tax payments property to the income of the persons occupying such dwellings. The "value test" compares property taxes on residential property with the market value of such property. An earlier nationwide study by the Advisory Commission on Inter mental relations pointed out that while the relative Utah property tax effort in" 1966-6was 25 below the U.S. for nonfarm residential propaverage below for farm property, 28 and erty it was 24 abovt the national average for commercial and industrial prop-- . erty. Foundation analysts attribute this disparity between residential and the-"valu- business property taxes to the lack of uniformity in assessment ratios among the various classes of property in Utah. Latest Tax Commission sales-rati- o studies indicate, for example, that residential property throughout the state is assessed at about 15.8 of market value with farm property being assessed at 10.4 of selling price. Utility and railroad properties, which are assessed by the State, are valued at about 26 of recognized value. Furthermore, mining property is assessed on the basis of "net proceeds" which automatically reflects higher metal prices and increased production. Contrary to popular belief, the property tax in Utah is not primarily a tax on homeowners. The Foundation study shows that business taxes in Utah comprise 54 of all property tax collections, compared with 42 for the U.S. as a whole. Nonbusiness taxes, on the other hand, make up about 41 of total property tax collections in Utah as opposed to the U.S. average of 52. Farm taxes are equal to 5 of total property taxes in Utah and 6 in the nation. The Utah Foundation report observes that the Advisory Commis-sion- 's property tax study concluded "that a massive Federal effort designed both to cut the residential property e 7 from last month but up 900 jobs s 1.0 ) The Salt County from last year. In both cases, the Civilian Labor Force totals 243,500 in- change is quite a bit below the fifteen-yea- r dividuals at the present time. This is a average. from of 5,900 persons UNEMPLOYMENT May growth (2.5) and a growth of 10,400 persons The total number of individuals (4.5) from June, 1973. The growth unemployed at this time stands at rate from May is slightly below the fif14,600 up by 3,900 individuals (36.4) teen year average whUe the growth from May and up from June of 1973 by from last year is above the average. A 700 individuals (4.8). The increase in growing female participation rate con- unemployed persons from May, tinues to be a factor, along with a although large in number, is just growing population, in this expansion slightly above average. On the other of the labor force. The total number of the change from last year is individuals working has reached hand, bekw average-- . slightly 228,900. This is an increase of 2,000 individuals (0.9) from last month and OUTLOOK After a somewhat slow economic 9,700 (4.4) from last year. This is an Novem-- . unusually good performance con- growth situation from about sidering the problems which have ber, 1973, to March, 1974, job growth characterized the economic activities is begmning to accelerate again. This is especially apparent when compared of this past winter. r fjimtM aasnti ritar PAYROLL employment, or, in other Mla HAseLSAMi RmiMa nviuu VWM UfjUIVBi words, total jobs, now numbers the national energy problem has inthe attractiveness of the area 238,200 a gain from last month of creased i a r i. i n mr nil inniuLruiI hhvuhiuiihuil h- luu- -. 2,300 jobs (1.0) and a gain of 11,200 earned. The energy situation seems to jobs (4.9) from June, 1973. MANUFACTURING employment have drawn a great deal of interest to outride industrial inns. am from totals 36,000 jobs for June, a 600 job thlm . .. . . i l lI. f Also very important is toe growta m (1.7) increase from May and a 2,000 job (5.9) increase from June, 1973. employment which is taking place This MINING employment now numbers within firms here in the area. dramatized less often is ternal growth 6,600 jobs, an increase of 100 jobs inbut remains at than the arrival of new firms, but ( 1.5) from last month substantial at the is the same level a last year of 900 jobs ternal job growth present time. The summer job outlook EMPLOYMENT Lake-Tooel- assume most of the cost for financing local schools was neither necessary nor desirable." The Commission recommended that policies dealing with property tax relief remain the exclusive domain of State The Advisory Commission, however, reaffirmed its earlier recommendations calling upon states to reform property tax administration. According to the Foundation report, Utah has taken some dramatic steps during the past few years to improve the administration of the property tax throughout the state. policy-maker- s. Supreme Court Decisions (6.5). TRANSPORTATIONS COMMUNICATIONS UTILITIES employment numbers 17,800 jobs, (1.7) above May and 1,100 jobs (6.5) above June 1973. 300-job- See Details Page 6. Private This investment will increase the book value of Micron Corporation's stock approximately ten cents per share. . . - Mr. McBride Salt Lake City, Utah . . . Patrick C. McBride, President and Chairman of the Board of Micron Corporation (OTC), announced the consummation of the private placement of 1,635,000 of its common shares with Hussel Holding, AG, Zurich, Zwitzerland, for $1,315,000 here today. Hussel is the operator of some 132 food and cosmetic retail stores throughout West Germany and zerland. "Their annual sates for 1973 were approximately 275 million DM (Deutch Marks) and since the businesses are related, I feel their management has a good grasp of our business and potentials." stated Mc- -' Bride. MICRON CORPORATION, under the trade name of Supreme Food, is a rapidly expanding food, marketing, and service organization. It directly distributed bulk purchases to over 18,000 family units in five western states at quantity discount prices. The company operates out of two major warehouse locations and numerous sales offices throughout the state of Utah, Colorado, Idaho, Nevada, and parts of Wyoming. Through an additional ESTATE employment numbers 14,400 jobs at this time, which is up 300 jobs (2.1) from May and up 700 jobs (5.3) from June last year. SERVICE below." wholly-owne- d subsidiary, the company offers its members a complete financing package on not only food and related items, but also on housewares! This - subsidiary, America West Acceptance Corporation, serves as the financial and credit arm. Another division ABC Wholesale Grocers, D.E.F., Inc., serves retail grocers throughout Eastern Colorado with the entire line of produc- ts. For its latest fiscal period ended December 31, 1973, Micron reported sales of $11.7 million well above the $3.5 million of the previous year. Net s TRADE employment totals 61,900 jobs this month, an increase of 600 jobs (1.0) from last month and an increase of 2,800 jobs (4.7) from last year. FINANCE INSURANCE REAL MICRON CORP. With the new infusion of equity, capital, Micron will retire approximately 75 of its short term borrowings, which will save the company some $12,000 per month in tebt maintenance alone. "Micron" said McBride "will now be in a position to seek the long term debt at prime interest or e OTU-Vg- tax substantially throughout the country and to encourage states to dba SUPREME FOOD "Consummation of $1.3 Million Equity Placement" AMERICA income 1973 NONPROFIT MISCELLANEOUS employment stands at 41,400 jobs, 600 (1.5) above a month ago and 2,800 jobs (7.2) above a year ago. GOVERNMENT employment numbers 45,100 jobs for the month. This overall level is down 1,300 jobs after taxes was $255,454 in compared to $162,104 in 1972. "This rapid growth and record setting operating results for each of the last five years broadened our search for financing capital," reported Mc- -. Bride and he continued "inflation-hypoe- d interest rates charged for short term paper, together with the depressed state of the U.S. dollar market, severely decreased our opportunities for attracting working capital from domestic sources. We, therefore, were pleased that our new European associates have shared our confidence in the growth opportunities for our company. We will certainly do everything in our power to justify their trust placed in us." Utah-Idah- Pays o Sugar - A SALT LAKE CITY, June 19 quarterly dividend of 15 cents a share on common stock was declared today Sugar Company . by Utah-Idah- o Rowland M. Cannon, president, said the action was taken at a regular quarterly board meeting. The dividend will be payable July 31, 1974, to stockholders of record at the close of busiTo further cement relationships with the Hussel group, the Micron ness on July 5, 1974. U and I has Board of Directors called a special 2,373,000 shares of common stock 15 cents a share meeting and elected Dr. J.M. Kreke, outstanding. The Hussel's Chief Executive officer, a dividend was the same as declared director. At the same meeting, a last quarter. a A quarterly dividend of $.31-5- 8 prominent Salt Lake City financial stock on declared share was preferred consultant and President of Corporate Development Corporation was also, of the company, also payable Jury 31, elected a member of the Board of 1974, to shareholders of record on Directors. Increasing the membership July 5. The sugar company has 98,420 of the body from four to six members,'' shares of Class A and 98,425 shares of Class B preferred stock. The dividend according to McBride. on preferred stock was unchanged Mr. McBride had additional reasons from previous quarters. to be happy this week as he learned U and I is a major western processor that Micron has been elevated to the of beet sugar and also engages in rank of 81st in total Revenues and diversified .irrigation agriculture in 108th in Net Income among all of the Washington and Idaho. Sugar refinlargest corporations in the five eries of the company are located at western states of Colorado, New Idaho Falls, Idaho; Garland, Utah; Mexico, Utah, Wyoming, and Moses Lake and Toppenish, i . 1 V is excellent. Unemployment will remain high, however, because of the continued growth in the labor force. In This Issue: 2 Legals Water Service 2&14 Probate Court ..... : .7.Y. v 2 New Partnerships . .'. . V , . . V 2 Suits 2&16 Divorces. 3 Marriages .' Births Small Claims Building Permits Third District Court Supreme Court Decisions Bankruptcies Business Telephones Bountiful Power Business Licenses New Corporations Liens Tax Liens Uniform Commercial '. Code Filings Mortgages Murray City Court Murray City Power Quit Claim Deeds Warranty Deeds ....... 4 4 5 5 5 6 7 , 7 7 8 8 8 9 9 10 11 12 13 Trust Deeds 13 13 U.S. Court of Appeals Calendar 14 Airline Traffic Increased 23.5 Texas International Houston Airlines today announced that passenger boardings in Salt Lake City increased 68.9 percent to 1,779 last month over May 1973. Total monthly boardings in the airline's nine state and Mexico system were also up 15.8 percent to 201,322 in May over the same month last year. Traffic increased 23.6 percent to 69.5 million revenue passenger miles, g (the number of miles flown by passengers) while available seat miles were up only 3.89 percent to 137.5 million. The airline's passenger load factor (percentage of seats occupied) increased eight points to 60.5 percent from last May's 42.5 percent. fare-payin- |