Monday, August 2, 2010

Utah County Property Taxes

You have probably received your tax notice for your property taxes recently. What does this mean?

The property taxes are calculated using a certified tax rate and the taxable value of each home and property. The tax rate is calculated based on adopted budgets of the various entities, while the property value is determined by a review of the property and current market data.

Between now and the last valuation period home prices have declined typically 5 to 9 percent. Owners should not be surprised if they notice a drop in value with no corresponding drop in taxes, given the process of how the tax rate is calculated.

Each tax entity determines its own tax rate, and the Utah County Assessor’s Office determines property value. The Assessor's office has worked hard to consider valuation changes in neighborhoods and communities for the upcoming year, but residents should also be aware of the process to appeal their valuation notice.

Property owners who wish to appeal their notices must contact the Utah County Board of Equalization within 45 days from the date of their notice. Owners will set an appointment for a hearing in an informal setting with a County real estate appraiser to reevaluate the property value.

Those who do not receive a tax notice or who have any questions can contact the Utah County Auditor's Office at (801) 851-8227.