Over the past couple weeks, residents throughout the county should have received their property tax notices and may have questions about the value of their property and the corresponding taxes.
As the leading advocate for real estate and property owners, the Utah County Association of REALTORS® (UCAR) has been advocating against tax increases and for a transparent process that informs the public about how changes take place. Additionally, UCAR hopes to serve as an educational voice to increase the public’s understanding of these property tax notices.
“Home prices have declined an average of 9 percent between the valuation periods of 2010 and 2011, but owners should not be surprised if they notice a drop in value with no corresponding drop in taxes,” says Taylor Oldroyd, CEO of UCAR.
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.
“Each tax entity determines its own tax rate, and the Utah County Assessor’s Office determines property value.” Oldroyd says. “While I’m confident the Assessor’s office has worked hard to consider valuation changes in neighborhoods and communities for the upcoming year, 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. Property owners will be expected to bring a closing statement, a recent appraisal, and comparable sold properties within the general area.
If you do not receive a tax notice or have any questions, contact the Utah County Auditor’s Office at (801) 851-8227. Information about filing a dispute is available on Utah County’s website at http://www.utahcountyonline.org/Dept/ClerkAud/Equalization.html. UCAR is also willing to assist property owners navigate the sometimes complicated process.
The Utah County Association is the voice of real estate and is committed to its motto of bringing people home. Feel free to contract the association with any questions or for more information at (801) 226-3777 or www.ucaor.com.