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Show School Districts May Benefit Gas, Oil Property Tax Could Mean Millions to County The assessed valuation of Summit County's oil and gas industry will approach SI billion by the year 1990, according to a recent study . by the Denver-based Over-thurst Over-thurst Belt Association. Currently, the county's oil and gas operations are valued for tax purposes at $129 million, but by 1990 that figure will soar to $979 million, according to the study. 'It's incredible---it just blows your mind" said Summit County Clerk Reed Pace. he said the total assessed valuation of Summit Sum-mit County today is $265 million and, given the incredible oil and gas projections, projec-tions, that figure could increase to $1.5 billion, or even higher, by 1990. With the present $265 million assessed valuation, a tax levy of one mill generates $265,000 for the county. The total Summit County mill levy this year is nine mills and generates $2.5 million of the county's total $4 million budget. If the overthrust estimates are correct, the value of one mill in 1990 will equal $1.5 million. It would take a tax of two mills to generate more than the county's nine mill tax now produces. Since the oil and natural gas fields lie within the boundaries bound-aries of the North and South Summit School Districts, they also stand to benefit from the booming industry. The state requires school districts to levy at least 25 mills annually, a tax that would generate $25 million from the oil interests alone. Pace admits the projections could make it possible for the county to accomplish great things in the area of capital improvements during the next 10 years, but adds careful planning is necessary. neces-sary. He points to San Juan County and the uranium boom of the 1950's. "That county went crazy with uranium money building libraries, museums, and about everything else you can think of," Pace said. "Then the uranium mines closed up and the taxpayers were left with the burden of maintaining all the facili-ites". facili-ites". As it stands now, Park City would receive very little financial benefit from the boom unless wells were drilled within the city limites or within the boundaries of the Park City School District. However, Pace thinks a new resolution passed by the state could facilitate sort of an inter-county revenue sharing program where some of the money could be given to Park City in the form of grants. The study also makes .population projections. It estimates the population of Summit County will be 13,000 by 1985 and 14,300 by 1990. Park City's population is projected to expand to 6,420 by 1985 and 7,869 by 1990. The figures closely approximate other predictions predic-tions made for the Park City area. |