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Show Utah Foundation - Now itisSaltLake'sturn Foundation analysts point out that levies for bonded debt and levies imposed in connection with the minimum school program are exempted from these rate limitations. Local school levies for support of the basic school program, however, are automatically scaled down for a three-year period under another formula for-mula contained in the school finance law. The Foundation report also notes that the reappraisal reap-praisal program affects only locally-assessed real estate and improvements. Excluded Ex-cluded from the program are valuations on motor vehicles, other personal property, and state assessed property. These property classes already are assessed above the 20 percent figure set by the Tax Commission for locally-assessed real estate and improvements. Also excluded are farm properties partially exempted under the farmland far-mland assessment ant According to the Foundation Foun-dation study, the property levies exempted from limitation Drovisions and the Although the increased valuations placed on property in Salt Lake County this year will be partially offset by lower tax rates, most individual property owners in the County still will pay substantailly higher property taxes in the Fall. This was the conclusion of a study just completed by Utah Foundation, the private tax research organization. The Foundation report indicates that a $50,000 home in Salt Lake City which bore a $500 property tax last year probably will be subject to a $710 tax bill in 1978 if the valuation on his home is doubled. On the other hand, if the assessment on a home in Salt Lake City is tripled (200 percent increase), the taxpayer with a $500 property tax bill in 1977 will be liable for a tax of $1,065 this year. Examples of estimated property tax charges in other Salt Lake County communities and for other valuation changes are also contained in the report. These illustrations are based on preliminary estimates made by Utah Foundation, and the picture could change slightly when the actual tax rates are established in August. During the past few weeks, property owners in Salt Lake County have been receiving valuation notices containing huge increases in their assessments. These higher valuations resulted from the property reappraisal reap-praisal program that is being carried out throughout Utah. Salt Lake County is the 26th county to be revalued under this program. Basic purpose of Utah's reappraisal program is to equalize assessments among individual properties and among property classes. This equalization is to be accomplished by reappraising reap-praising all locally-assessed property in Utah at about 20 percent of fair market value. Since most real estate and improvements in Salt Lake County have been assessed well below this 20 percent figure, the new appraisals made this year have resulted in a substantial boost in assessments on such properties. In order to minimize the tax increase to individual taxpayers, the state law requires that levies must be adjusted downward in any year that higher assessments result from the reappraisal program. Specifically, the law requires that counties, municipalities, and other taxing jurisdictions must adjust their mill rates for operation and maintenance purposes so that the tax from these levies not exceed 106 percent of the property tax revenue received in the taxing district for this purpose during the preceding year. property classes excluded from the reappraisal program limit the amount of mill levy reduction that can be made to offset the higher assessments under the reappraisal program. As a result, property tax on most locally-assessed properties will rise this year. |