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Show Computer breakdown delays property valuation figures June 14, at the Park City School District has slated its budget adoption for June 27, they will have to wait to set formal mill levies. Pace said. Pace added, however, that the county, as well as the local taxing districts, have estimated property valuations. valua-tions. And while the city and the school district plan to lower mill levies, based on those estimates, actual property prop-erty taxes will be going up because of the increased valuations. The overall Summit Sum-mit County valuation will total $500 million, a $200 million increase over last year's total of $307 million. Most of the increase in the county-wide valuation is in new oil and gas wells in the South Summit area. Pace said. Those wells, along with mines, railroads and public utilities, are assessed by the county, he said. The state-assessed state-assessed properties in the Park City area should not significantly change property valuations and hence taxes in this area, he said. Primary residences are taxed on the basis of 15 percent of their market value. Businesses and second sec-ond residences are taxed on 20 percent of their market value, according to Utah law. by Christopher Smart Local taxing districts in Summit County may be preparing to adopt budgets for the coming fiscal year, but they are not yet able to adopt mill levies because property valuations are stuck in the county assessor's computer. Mill levies are usually adopted along with fiscal budgets each year. Without the property valuations, however, how-ever, the budgetary process can not be completed as required by law. Both mill levies and property valuations valua-tions are used in the formula that determines property taxes. Summit County Assessor Leo Frazier said computer problems are preventing him from totaling property valuation valua-tion on new construction in the county. Thanks to recent legislation, Frazier said, property pro-perty values in Summit County will go up an average of 15 percent over last year. The legislation, passed in March this year, was a response to a Utah State Supreme Court ruling that it was unconstitutional to hold property values at 1978 levels for taxing purposes. The legislature had previously passed a measure holding property at 1978 levels for taxing purposes. The legislature legisla-ture had previously passed a measure holding property at 1978 market value for tax purposes. The new legislation legisla-tion was intended to bring those values up to current market levels. While property valuations will increase 15 percent over last year in Summit County, by law a taxing district cannot increase its budget by more than six percent the year following much increase. Summit County Auditor Keed Pace said the computer troubles are having a significant signifi-cant impact because the mill levies must be set soon. This year the Utah State Tax Commission has extended extend-ed the deadline for local taxing entities to set mill levies until July 6. The usual time limit for the establishment establish-ment of mill levies is June 15. But the March Supreme Court decision and subsequent subse-quent legislation haven't allowed the usual time for property value determinations determina-tions this year, according to Mike Monson, the director of the Property Tax Division for the Tax Commission. So while the Park City Municipal Corporation plans to approve its budget today, |
