1:02 What is a Centrally Assessed Taxpayer?
2:55 Truth in Taxation and the Certified Tax Rate
4:38 Shift in the Tax Base of a County
4:59 Ratcheting affect
6:01 What drives Centrally Assessed Values Down?
7:52 Centrally Assessed Properties bring “New Growth” revenue but then depreciate
8:54 Intangible Property
11:02 Centrally Assessed Appeals
13:21 Splitting the Baby
17:38 Creating a Fair and Equitable System for Tax Payers
22:37 Number of Centrally Assessed Properties is Shrinking
Centrally Assessed Taxes are assessed on unitary properties such as rail roads, airlines or utility companies. These are properties that cross county and even state lines. It is difficult to assess the value of these properties because they are unique and the companies often appeal the tax values that the tax division assigns. This has created a problem for the counties because they feel that these large companies should be paying on the value that the tax division assigns.
In Utah we have a system where the taxing entities cannot collect more revenue without completing Truth in Taxation. However, when the tax dollars for centrally assessed taxes go down the difference has to come from somewhere. As a result there has been a shift in the tax burden from the unitary properties onto residential property taxes. The state and the counties are seeking a system where everyone pays their fair share. The problem is that everyone feels that they are paying their fair share of taxes.
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