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Show Property Revaluation Program Offers Hope however, real estate prices have been increasing faster than assessments. Consequently, Conse-quently, the average statewide state-wide assessment-sales ratio slipped to 16.98 In 1970 and to 15.84 in 1972. The continuing five-year property revaluation program pro-gram offers the best hope for making realistic adjustments adjust-ments in property assessments assess-ments to keep pace with changing property values and achieving assessment equalization within the State This was the conclusion reached by Utah Foundation the private tax research organization, or-ganization, in their analysis of a recent assessment-sales ratio study prepared by the Local Valuation Division of the Utah State Tax Commission. Com-mission. In 1972 new assessments were placed on the tax rolls for properties reappraised under the continuing revaluation reval-uation program in ten counties coun-ties in the State. Assessment disparities in these ten counties coun-ties were substantially reduced re-duced under the program. Foundation analysts point out, however, that absolute uniformity still was not achieved because of continuing contin-uing changes in real estate and property values. This fact was particularly evl- dent in Summit and Wasatch Was-atch Counties where property proper-ty value changes have been especially rapid during recent re-cent years. The Foundation report notes that the Tax Commission Commis-sion assessment-sales ratio study was restricted to locally lo-cally assessed real estate and improvements and did not include ratios for personal per-sonal property (machinery, motor vehicles, etc.) and properties assessed directly by the State Tax Commission. Commis-sion. These properties currently cur-rently are being assessed at about 26 of "market" or "fair cash" value. Utah law prescribes the legal assessment ratio at 30 of its "reasonable fair cash value." Foundation analysts an-alysts observe, however, that few, if any, states actually ac-tually achieve their stated legal ratio of assessment The initial aim of the Utah State Tax Commission is to raise the general level of assessments to approximately approximate-ly 20 of reasonable fair cash value. Currently, the overall average assessment ratio for locally-assessed property in Utah is 15.08. The study show that the average assessment ratios in Utah range from a low of 10.05 in the county of Washington to a high of 20.71 in Emery County. Washington County, however, howev-er, presently is being reappraised reap-praised under the continuing five-year revaluation program, pro-gram, while reappraisal work was recently completed complet-ed in Emery County and the ratio there reflects the new and higher assessment levels In addition to the assessment-sales ratio variations, evident among the counties of the State, the Foundation Founda-tion study points out that there also is considerable variation among the different differ-ent classes of property. Improved Im-proved residential and commercial com-mercial property, for exam-Pie, exam-Pie, currently is being assessed asses-sed at 15.48 of selling Price while parcels of land over five acres (mainly farm property or large unimproved unimprov-ed tracts) are being assessed at 10.43 of selling price. Again there is evidence that these variations among the property classes were reduced reduc-ed considerably in the ten counties where reappraisal work was completed. Previous Tax Commission studies indicate that the a-bove a-bove average assessment -sales ratio for improved real Property in Utah had been raised from 15.89 of selling sell-ing price in 1961 to 17.98 in 1967. During recent years |