June 12, 2024


Interior Of The Road

Salt Lake City Is Set to See Its First Property Tax Rate Rise in Eight Years

Every single 7 days, Mansion Worldwide poses a tax concern to genuine estate tax lawyers. Listed here is this week’s dilemma.

Q. How significantly are residence taxes in Salt Lake City likely up?

A. Assets taxes in Salt Lake Metropolis are established to rise 4.9% as section of the 2023 town budget. 

In the first home tax enhance proposed by the town due to the fact 2014, home taxes are set to go up by about $130 yearly on a residential house valued at the city’s median dwelling cost of $520,000, according to the spending budget. 

Salt Lake Town Mayor Erin Mendenhall proposed the boost in early May possibly, noting that “though our revenues have greater, they have not risen at the same rate as the demands have for our city,” in a information launch at the time. 

“Today we locate ourselves in a unique financial situation with a expanding economy, climbing populace, and inflation,” she extra. “But we also locate ourselves at a placement of never just before noticed demand from customers for town providers.”

The house tax boost that was proposed by the mayor was adopted by the council two weeks ago, according to a spokesman from the mayor’s office. Yet another hearing will be held in August to formalize the additional tax, but the maximize will go into impact in November.

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