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Carbon County Property Evaluations May Change

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Carbon County officials wanted to notify the residents of the changes, as notifications of annual real estate valuation and tax changes will be mailed near the end of July.

The county explains that neither the tax rate nor the county budget has increased, but rising market values ​​for homes in the region will lead to higher taxable values ​​for homes, which may also change taxes on central valuations and commercial real estate. did.

It is a well-known fact that since 2020, Utah’s housing market has experienced record-breaking state-wide home prices. The average selling price of homes in Carbon County alone rose from about 65% from April 2020 to April 2022. As selling prices continue to rise, so does the market value of homes. As the amount of tax on your home increases, so does your accrued tax.

This will be reflected in the form when you receive it by email. However, county officials dig deeper into property tax revenues, how the local real estate market affects the value of homes, and how local assessors can use that information to determine home tax amounts. I wanted to.

Government taxable entities receive a portion of their income from property taxes. It can be broadly divided into three types of taxpayers. These types are centrally evaluated and are for commercial and residential use. Property tax bases are created by taxable entities, and as different categories change, so do their sizes. This means that some areas will begin to reduce their contribution to overall earnings and shift the burden to the other two.

The county explained that Utah law requires a shift to maintain overall income. Over the years, centrally valued tax revenues have declined as various industries, such as mining and power plants, have declined. After that, much of the burden goes to residential and commercial organizations.

The real estate market affects home prices because the fair market value is theoretically the value at which real estate sells. As supply and demand continue to grow, so does the market value of the entire state. Utah requires county assessors to value housing assets between 95% and 105% of fair market value. If not, the state will force the evaluator to increase or decrease the value accordingly in order to obtain the appropriate taxable price for the home property.

Part or all of the fair market value may be exempt from taxation under Utah law. Residential properties that function as the primary resident of a household are taxed at 55% of the fair market price. Secondary homes and vacant homes are 100% taxed.

The residential portion of the taxable entity grew in the tax year 2022 due to a reduction in centrally accessed taxes and a surge in the fair market value of real estate. This change will be reflected in the form that Carbon County taxpayers will receive next month.

Additional tax information can be found at: www.carbonutah.com.. Questions can be sent to the county assessor (435) 636-3248 or [email protected], or the clerk / auditor (435) 636-3228 or [email protected]

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