Show HOW NOW YOUR PROPERTY IS TAXED On the average c residential property currently Is being assessed between 15 and 16 per cent of its actual selling price for property tax purposes in Utah This was one of or the he principal findings disclosed in a 93 page property tax survey survey just released by Utah Foundation the private none non profit it tax we research organization More than parcels til or property which recently either have been sold or appraised ap- ap Pf praised iced f for r loan o pu purposes were examined by Foundation tion n analysts who wino conducted the survey lurvey Dither f m Ff 1 facts f revealed m led by the Foundation study I MJ fr arci tf 1 Only slightly more than 5 per cent of the proper tics ties surveyed were assessed in excess of 20 per cent of their selling prices and only 10 per cent were assessed 1 between be be- between tween 18 and 20 per cent About 94 per cent of the properties properties properties pro pro- were assessed at less than 10 per cent of their a aret t- t ual selling price 1 2 In most cases newer properties are arc a assessed at ata a a higher percentage of their selling prices than are arc older pro pro- perti s. s This indicates an unrealistic depreciation depredation allowance policy poky 3 The percentage of assessment to selling price on higher priced properties generally is higher than it is on lower priced properties 4 Based on a limited sample business property appears ap ap- appears pears to be assessed at a somewhat higher percentage of its market market value than is residential property 5 The variation in assessments was substantially reduced reduced re re- in those areas where the St Suite te Tax Commission h has s completed all nil or part of its reassessment program 6 The State Tax Commissions Commission's reassessment program appears to have reduced assessment disparities not only within counties but also between counties 7 There is more variation amon among counties counties coun coun- ties in the he assessment of building sites than there is in total assessments This analysis indicates that a complete revaluation revaluation of land assessments is needed in all of the state stare and that this revaluation program should be made comparable to the programs already completed in Salt Late Lance La e City and several of or the other counties of the t ti l State The Foundation study notes that while the reassessment reassessment reassess reassess- ment program has produced some substantial improvements in assessment uniformity it has also revealed some weak weak- nesses Limited funds for the reassessment program have made it difficult to recruit and retain competent staff and have made it virtually impossible to complete the first cycle of the program within the year five-year period prescribed by the Legislature Foun Foundation analysts also criticized the lack of a uniform uniform uniform uni uni- form system of classifying and assessing agricultural pro pros properties ponies es and some shortcomings in the new property tax manual used for reappraisal purposes Another aspect of the Utah Foundation study dealing dealing deal deal- ing with local property tax administration pointed to the failure of many counties to adopt modern machine methods methods meth meth- It also in processing property tax records and notices observed that there is much wastefulness and needless duplication duplication dup dup- of effort among the various offices offices' administering the property tax in many of the counties Weber County was cited as a n county where property tax administration has been markedly improved through cooperation among the several elected officials The report s suggested ested that the State Tax Commission might provide counties with technical technical technical training and instruction instruction in in- instruction cal assistance in such matters as personnel in modern modem management practices and techniques |