Help! My property taxes went up!
I've been receiving a few calls in the last week as home owners received their tax notices. Most are complaining about "rising tax rates", but in fact, Tooele County actually lowered their tax rate this year.
So why the increase in taxes? Simple. It is due to those sky rocketing home values we've been seeing the last couple of years! We are lucky enough to have one of the four lowest rates in the State, thanks to lots of growth and lots of mitigation fees (8.8 Million!) paid to the County by EnergySolutions, Clean Harbors, & Deseret Chemical Depot. But, that still doesn't make people happy that are looking at a significant increase in their property tax.
So, how do the counties come up with the new home values? Utah state law says that individual properties only actually be reappraised every five years, but counties have to assess for taxes every year. So most counties rely on complex computer models to decide valuations. They also go through building permits to look for ad-ons and finished basements that might ad to the value of a house.
But, computers aren't perfect, as the County will be the first to tell you. So, there is an appeals process. Anyone can file an appeal with the Board of Equalization within 45 days, using the form that came with the notice. Then it's up to the home owner to provide evidence that the evaluation exceeds market value. They usually require 3 comparable properties that sold as close to Jan. 1,2007 as possible. If the Board agrees, it changes your value, which changes your tax. But if they disagree, you go before an independent hearing officer for a binding decision. But, beware! Most of the valuations I've seen this year were significantly BELOW actual market value, even if your tax went up slightly.
The Board can change your valuation up as easily as down! My mom calmed down quickly when I explained that to her! Obviously, these rising values are good for the majority of the people who are looking to sell some day. However, it's tough on someone on a fixed income without the desire or the ability to sell. They are the ones hurt most by the increase in their property values. There are always two sides to a coin.
All in all, Tooele County is still a great place to live, especially come tax time!