While property taxes account for about one-fourth of all the tax revenue collected by state and local governments in Utah, the burden of property taxes in the state is relatively low — 34th in the nation, according to a report for the Utah Foundation. The study, “The Essential Tax: Property Taxation in Utah,” was released last week.
{mprestriction ids="1,3"}The key findings of the report include:
• Utah’s property tax burden ranks 34th among states. The tax burden has been stable over time, both in terms of income and its ranking among states.
• Utah’s Truth in Taxation law appears to have prevented property tax revenues from increasing as quickly as property values.
• Revenues for school districts and special and local districts statewide have increased faster than inflation and population growth combined. By contrast, cities and towns have only been able to match population growth and inflation while county revenues have grown even more slowly.
• Residential property has a much more favorable tax status than business properties. Not only do residential homes receive a 45 percent discount, but residential taxpayers are also exempted from personal property taxes.{/mprestriction}
