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Show Average Panguitch Home Taxed At $738 During 1988 Ti The average property tax charged on a home valued at $75,000 in Panguitch last year amounted to $738, or 0.98 percent of current value. This compares with an average aver-age tax level of 0.96 percent on ) residential property during 1987. These were some of the facts revealed re-vealed in a comparison survey of residential property tax burdens prepared by Utah Foundation, the private tax research organization. The study calculated and reported the average tax burden in 1988 and 1987 on a home valued at $75,000 located in 142 different communities communi-ties throughout the state. For the state as a whole, property prop-erty tax levels moved up during most of the 1980s. The statewide average property tax on a $75,000 home in Utah last year was $737, or 0.98 percent of market value. This compares with an average tax burden of $552, or 0.74 percent in 1981. Foundation analysts hasten to point out, however, that most of this increase occurred during the early years of the decade. The increases in-creases have moderated considerably since 1985 when the "truth in taxation" taxa-tion" legislation was enacted by the Utah Legislature. For example, the average property tax on a $75,000 home in 1985 was $706, or 0.94 percent of market value. One of the major elements of Governor Bangerter's six-point tax-limitation tax-limitation plan was the freezing of property taxes at current levels and a requirement that a vote of the people would be needed to raise them. Because of opposition from local officials and the difficulty of arriving at an acceptable compromise, compro-mise, the proposed tax freeze was not approved by the 1989 Utah Legislature. Local officials, however, how-ever, agreed to avoid any property tax increase this year, if possible. Because of differences in the property tax rates imposed and discrepancies dis-crepancies in the valuations placed on properties for tax purposes, there )is a wide variation in the property tax burden throughout the state. Although the average property tax charged on a $75,000 home in Utah was $737 last year, the average tax ranged from a low of $343 in the unincorporated area of the South Summit School District to a high of $907 in the city of Sandy. Utah voters amended the State Constitution in 1982 to permit a modified classification of the property prop-erty tax. As a result, the effective tax level for some types of property is considerably higher than it is for others. At the present time, owner-occupied residential property is valued at 60 percent of market value for taxation purposes, while other locally-assessed real property is placed on the tax roles at 80 percent of market value. Only centrally (state) assessed property (utilities, railroads, etc.) and personal property (motor vehicles, machinery, equipment, etc.) is valued for tax purposes at full value. Because of this classification, the tax level for non-residential locally-assessed property is one-third higher than it is for owner-occupied residential property, while the tax level for state-assessed and personal property is two-thirds greater than the residential tax level. The following shows the average statewide effective tax level for the several classes of property in Utah during 1988: Owner-occupied residential, 0.98 percent; other locally-assessed property, 1.31 percent; state-assessed or personal property, 1.63 percent. houndauon analysts indicate that the State Tax Commission recently completed its 1988 assessment, sales-ratio study. Utah law provides that at the end of each even-numbered year, the Tax Commission - shall-issue arv order directing local assessors to factor or adjust local assessments up or down whenever significant valuation deviations are found as a result of such a study. According to the 1988 Tax Commission sales-ratio study, valuation val-uation ratios were within acceptable limits for most of the counties. Consequently, it is expected that only one county (Wayne) will be asked to reduce its valuations in 1989. |