| Show I Ratio Eatie of Assessment to Selling S j Price Down Per Cent Here The average ratio of assess assessments ments merits to selling price of or ir improved Improved Im im- proved real estate in Summit County decreased per centI cent I during the past five years ac according according according ac- ac cording to an analysis prepared by Utah Foundation the private tax research organization The Utah Foundation study which was based on data assembled assembled as assembled as- as by the State Tax Commission Commission Commission Com Com- mission shows that teh average assessment level assessment to selling price for marketed Im im- proved real estate In Summit County was 2230 per pet cent in 1961 and 1836 per cent is 1960 1968 For the state as a whole the average assessment level r rose o 0 s e efrom e efrom from 1589 per cent to 1761 per percent scent cent in 1966 1965 Foundation analysts note that property assessment rose nearly 1 per pel cent throughout Utah during during during dur dur- ing the past five years most of the increase can be substantial assessment boosts In Inthe Inthe inthe the three largest counties of the state state Salt Salt Lake Weber and Utah In the year five period 1 the average ratio of assessments to selling sellina price declined in nineteen nineteen nineteen nine nine- teen counties and rose rObe In only ten counties Salt Lake County registered the largest increase increase- I per cent cent while Summit County had the largest decline per cent The Foundation report points out that in addition to variation I among counties there are con- con I differences in the assessment assessment assessment as- as asi i levels among the vari vat vatious various various ous classes of Within I Summit County for example locally assessed c c o 0 m rrt m mer e r c Tai lal property is being assessed at an average ratio of 2569 per cent of selling price This compares compare with an average assessment ra ratio ratio ratio ra- ra tio of 1754 per cent for lm- lm p proved r o 0 v e d residential property 1104 per cent for unimproved city and town lots and per percent percent percent cent of parcels In excess of ot three acres acres mainly farm properties or large unimproved tracts The study notes noted that some ome classes of personal property machinery Inventories s and motor motor motor mo mo- tor vehicles along with prop properties prop prop- assessed by the State Stale Tax Tu Commission are being valued at even higher ratios ranging from 26 per cent to 28 per cent of at market or fair cash val val- valid During recent years yean the effort efton of the Tax Commission h have a v e been directed at equalizing equall as assessment assessment as as- levels leve within property classes ses in addition to raising the the- general assessment elvel of those property classes which are farbelow far farbelow farbelow below the legal assessment ratio ra ra- ra tio |
