Financial Information
IF THE CITY DIDN’T RAISE TAXES, WHY ARE MINE HIGHER
We all received our “2008 Notice of Property Valuatin and Tax Change” right after the 22nd of July, and many of us noticed our taxes have increased. There are a number of important things about this notice with which you should become familiar, but the bottom line is that your 2008 taxes increased or decreased because of the Salt Lake County Assessor’s estimate of the Market Value of your home increased or decreased. A quick look at the two numbers in the smaller boxes under the column’s headed “Last Year’s (2007) Market Value” and “This Year’s (2008) Market Value” will tell you whether the Assessor estimated the Market Value of your property to be higher or lower than last year. If the total is higher, your taxes went up. If it’s lower, your taxes went down.
By comparing the three columns in the center of the notice, one can determine which political subdivision(s) may have increased taxes for their constituents. If the numbers in columns 2 and 3 are the same, then that particular taxing entity did not increase taxes. If the number in column 3 is larger than the number in column 2, then that particular taxing entity is proposing a tax increase. It’s also important to understand that, even though your taxes increased, the total amount of revenue to the city did not increase, other than from new growth in the city. State law prohibits political entities from receiving windfall revenue from the Assessor’s valuation increase.
The property tax system in Utah is complex at best and there is not adequate space in this article to attempt to explain Market Values, Certified Tax Rates, Judgment Levies, Taxing Entities, and other aspects of property taxes and taxing entity budgets. As explained above, it’s easy to determine why your taxes increased, if they did, but based on the notices we recently received, COTTONWOOD HEIGHTS DID NOT INCREASE TAXES for 2008. If your 2008 taxes are higher, it’s because the estimate of the market value of your home was increased by the County Assessor.
| Monthly | Annual | |
| September 2009 Financial Report | ||
| August 2009 Financial Report | Fiscal Year 2008 Basic Financial Statement | |
| July 2009 Financial Report | Fiscal Year 2007 Basic Financial Statement | |
| June 2009 Financial Report | Fiscal Year 2006 Basic Financial Statement | |
| May 2009 Financial Report | Fiscal Year 2005 Basic Financial Statement | |
| April 2009 Financial Report | ||
| March 2009 Financial Report | ||
| February 2009 Financial Report | ||
| January 2009 Financial Report | ||
| December 2008 Financial Report | ||
| November 2008 Financial Report | ||
| October 2008 Financial Report | ||
| September 2008 Financial Report | ||