The following is a letter from Emery County Assessor Kris Bell to residents of Emery County:
To Emery County Property Owners,
County taxpayers will experience a significant increase in their 2023 tax assessment. Each year, your County Assessor, by State Statute and Code, is required to value Emery County parcels based on sales and a systematic review of current market data (59-2-303.1). This process is completed during what is called the Sales Ratio Study and by reviewing current market trends and data.
We have not had sales in Emery County like we’ve had the last few years. And since we’re required by Utah Law to assess home values based on market value, we’re aware property owners will be surprised when they open their valuation notices.
Here are a few examples of sales in Emery County:
Market Value $94,873 – Sale Price $215,000
Market Value $148,822 – Sale Price $254,500
Market Value $165,000 – Sale Price $315,000
Not only will taxpayer’s see their 2023 tax assessment increase, they will also see a tax shift. Market value is a portion of the formula used to determine the amount of property tax you pay; the final determination is the rate set by the various taxing entities such as the school district, county, city and several other taxing entities.
Typically, a market value increase will not trigger an increase in the amount of property tax to be paid. However, Emery County is unique in that the majority of our market value is from large corporations assessed by the Utah State Tax Commission’s Property Tax Division. While there has been a large decrease in value of State Assessed property, there have been unprecedented increases in locally assessed market values. This has created a shift of the tax burden from State Assessed Property to Locally Assessed Property.