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Show Iron County's Assessed Valuation Continues Down Since 1958 Peak Iron County's Assessed Valuation Valua-tion since the peak year of 1958 has taken a decieded and steady drop downward principally owing ow-ing to reduction of output from Iron mining operations. The study, which is indicated by the accompanying chart, reveals re-veals that although the assessed valuation as set by the state has dropped sharply owing to the mining situation, that other general gen-eral property valuates have gone up as indicated by the assessment assess-ment of the county assessor. The assessed valuation of the county in 1958 was i's peak at $50,402,279. The state tax com mission assessement was listed at $11,793,511 while the County Aessessor's assessment was set at $8,608,759. The state assessment assess-ment involves all utilities and mining operations and is, of course, the principal assessment made. The state's assessment over the period indicated through 1965 has dropped 21 Va million while the county's assessment has risen only lMi million leaving a total loss of assessed valuation of $19,393,512. Iron County mill levy has, as of necessity, risen during the same period of time, to help compensate com-pensate for the loss of revenue to the county by the reduction In the assessed valuation. In 1958 the mill levy for a resident res-ident In Cedar City was 64 mills. In 1964 the mill levy was 82.9 and the levy for 1965 has not been set by the Iron County Commission. Com-mission. The rise in mill levy has not, however, kept pace with the reduction re-duction in assessed valuation. In 1958 for Instance a 100 percent collection of assessed valuation of the county would have brought back $3,225,740 revenue. In 1964 with a mill levy of 82.9 and a total assessed valuation of $36, 340,523 the tax revenue based on iuu percent collections would be $3,012,620. With a drop of assessed valuation valu-ation of $5,331,765 in 1965 from 1964 and based on the same mill levy as 1964 the tax revenue, again based on 100 percent collections, col-lections, would be reduced by $112,010. This trend has resulted in a I tightening of the belt by County officials in order to keep the I mill levy down and live within the amounts collected as a result re-sult of the reduced assessed val-i val-i uation. The picture, however, is not 'quite as bleak as it looks on the chart. It is interesting to note that although the assessed valuation val-uation has dropped because of ;the reduction of what has been I the principal economic industry of the county, other assesssed M HI valuations are going up in per- j sonal property holdings being as- i 1 sessed by the county assessor. Although not verified it would' seem that once a decline of this type started in an area other val-1 val-1 uatlons would also tend to re-due. re-due. That has not been the case in Iron County and it would indicate that possibly some other factors are moving in to take the I place of the losses suffered by I the decline of a major industry in the county. j |
