Segment 1: Property Taxes / Truth in Taxation
If you are a property owner, this is the day that the County assessor has to deliver to the auditor all of the tax information on your property, the auditor will then set the tax rates. This is also the beginning of a window of time that you have to challenge the assessor's valuation of your property.
Property taxes are levied on homes and businesses and go to fund public schools, fire and police protection, roads, parks, libraries, and other public benefits. It is the most stable form of government revenue since unlike sales and income tax that fluctuate with economic conditions, property taxes remain steady over time, in proportion to the value of whatever property is being taxed. The term 'Property' applies to land and buildings, your home, equipment used in business setting like computers or large-scale machinery.
Property is taxed at 'Fair Market Value,' which means the amount your home or land would sell for in the current market. The county assessor is responsible for determining the value of all property within his or her jurisdiction and taxing accordingly. If you want to challenge the amount the assessor has valued your home or business you have the right to do so between August 1st and September 15th of each year.
In Utah we have the Truth in Taxation Law which was passed in 1985 to hold property tax revenue the same from year to year. Basically when property values rise property tax rates must by law go down in order to keep the amount of taxes collected the same. To change those rates and collect more tax revenue governments must hold public meetings and voters must make the final decision to raise rates. In this way officials can't just raise property tax rates just because real estate prices rose.
