Home News Utah home valuations jump, but watchdog group says expect modest increase in property taxes

Utah home valuations jump, but watchdog group says expect modest increase in property taxes

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PROVO — Utah-wide assessors have completed a home valuation for upcoming property tax notices, and two counties have already reported significant increases in value.

The Utah County Councilor’s Office told KSL-TV that the average price of single-family homes has risen 35% from last year.

“I don’t think this has ever happened in my experience, except for the 2008 bubble,” said Bert Garfield, Utah County’s Chief Deputy Assessor.

According to Garfield, from 2012 to 2020, the county’s average residential real estate growth rate was about 10% per year, which was already a high growth rate.

Real estate valuations are based on the amount of money a home can sell on January 1st of each year. The 2022 Utah County rating can be viewed online.

The Salt Lake County Councilor’s Office said the median increase in the value of the county’s housing assets in 2022 was almost 29%.

“This is not common,” said Chris Stavros, Salt Lake County Councilor.

For comparison, Stavros said last year’s increase in residential real estate was 11.7%.

A 2022 real estate valuation for Salt Lake County is also available online.

The Utah Taxpayer Association recalled that Utah law prevents property tax claims from skyrocketing just because of a surge in value.

Rusty Cannon, President of the Watchdog Group, said:

In July, the county must mail an official “Notice of Valuation and Tax Changes” to real estate owners. Notifications include new valuations, proposed tax bills, tax changes, and which taxable entity is trying to increase taxes.

“That’s the beauty behind the truth of Utah’s tax law. They have to come to see you in public, notice you, and explain why.” That’s why we have such a good system, and that’s why other states are currently copying it. “

Notices that must be mailed by 22 July include the date and place of the hearing.

“I think most people can expect a slight increase in property taxes,” Cannon said. “In some cases, it’s far from the scale that everyone thinks it’s because their reputation went straight up.”

Some cities and other taxable entities are considering raising property taxes this year. Canon encourages people to be involved, attend hearings, and express their views to elected officials.

“Many of these hearings don’t take place until July or August, so we have plenty of time to contact city council members to complain and ask for an explanation,” Cannon said. increase.

If the value of a county home appears to be wrong, Garfield is unfair in valuation due to the home not selling at the valuation or the lack of valuation of other comparable real estate, or de facto regarding the property. This is an error.

“I want to get this right,” Garfield said. “No one wants to be overburdened because their value is wrong.”

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