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Property taxes are an important source of revenue for schools, libraries, and city and county governments. Summit County receives 15% of the total overall property tax revenue collected. This revenue is placed into General and Municipal funds and used to support basic services and programs for residents.
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The certified tax rate provides a taxing entity with the same amount of property tax revenue it received in the previous tax year plus any revenue generated by additional growth in its tax base. This means that as values increase the tax rate decreases.
The solid lines show actual property tax revenues received by the County for the General and Municipal Fund. The dashed lines are adjusting 2004 revenues for inflation. In 2013 the Municipal Fund went through the Truth in Taxation process and caught back up with inflation. The General Fund has not gone through Truth in Taxation during this same period of time.
It really depends on the specific taxing district a property owner is located in. For example, in Park City, tax bills may have gone up due to the City passing a $25 million bond for open space (Bonanza Flats). In the Snyderville Basin area taxes may have gone up recently due to a similar situation – the service district voted to pass an open space bond. Both Park City and Basin Recreation can adjust their tax rates to collect the amount needed to cover the debt service payments (principal, fees and interest) for that specific year. Property owners in the Chalk Creek area (going east of Coalville into Service Area #8) have seen their tax bill go up due to the centrally assessed appeals being upheld. Since Service Area #8 is allowed to collect the same amount of property tax revenues year after year and since centrally assessed values have gone down, then the property tax collected on the property owner (as opposed to the State-level centrally assessed) goes up.