Every July, Utah County property homeowners obtain a “Discover of Property Appraisal and Tax Adjustments” from the Utah County Clerk. This 12 months, residents will see the largest worth enhance ever, with the common dwelling worth growing by nearly 30%.
Utah state legislation requires taxing entities to stick to the Fact-in-Taxation (TNT) system. The TNT system is revenue-driven somewhat than rate-driven, leading to a lower within the property tax charge when property values enhance. The TNT system is meant to be revenue-neutral and the taxing entity receives the identical tax income per property unit yearly.
As an instance your property worth will increase sooner than the common county worth enhance, in accordance with the County Assessor’s Workplace. In that case, you will notice a marginal enhance within the assortment of tax from every taxing entity. Utah taxes major residences at a reduced charge of 55% of the worth. Second properties and funding properties are taxed at 100% of the worth.
With elevated property values this 12 months, Lehi residents will face charge hikes from three different tax entities: town of Lehi, the Alpine College District and the Central Utah Water Conservation District.
The residents within the metropolis of Lehi account for about 15% of the whole property tax payments. Final week, Lehi Metropolis Council handed a 3.39% enhance in property tax that will elevate about $390,000 to town’s coffers. The town cites the necessity for 2 further cops and elevated bills all through the price range.
“There’s inflation, and the prices of police, hearth, individuals and roads are going up, and we have to recoup a few of that.” [cost]Dean Lundell, director of Citi Finance, stated.
On the common dwelling in Lehi, that provides as much as about $12 a 12 months per household.
The Alpine College District mother or father levy additionally noticed a rise this 12 months. The state legislature units the fundamental price, not the Alpine College District Board of Schooling. The fundamental levy funds Weighted Pupil Models (WPU) throughout the state. The unique levy elevated by 17.9% this 12 months, which is an estimated tax enhance of $120 primarily based on the median dwelling worth within the district.
The Central Utah Water Conservancy District additionally raised taxes this 12 months. A rise of 24.2% would price owners about $27 yearly.
For instance, the tax estimates beneath present complete taxes (models of greater than $100) for a Lehi single-family dwelling that has a worth of $540,500:
2021 Market Worth: $398,700 – 2022: $540,500
2021 Taxable Worth: $219,285 – 2022: $297,275
2021 Alpine College District Fundamental Tax: $364 – 2022: $491
2021 Alpine College District Others: $1,136 – 2022: $1,194
2021 Utah County: $187 – 2022: $196
2021 Central Utah Water Conservancy: $87 – 2022: $118
2021 Lehi Metropolis: $313 – 2022: $353
2021 Whole Tax Invoice: $2,140 – 2022: $2,413 (+12.7)
Residents can enchantment towards the assessed market worth of their property with the Utah County Auditor by September 15. Utah County property taxes are due in November of every 12 months.