REAL ESTATE
by Jim Coleman, REALTOR®

LABOR FOR FAIR REAL ESTATE TAX ASSESSMENT

One of the features of owning real property in our country, and our area in particular, is the likelihood it will be assessed a certain value and taxed accordingly as a means of generating revenues for the local governments to administer public services. The County has recently sent "Notices of Property Valuation and Tax Changes" to owners of real estate within the County.
This "Notice of Property Valuation and Tax Changes" document is the form used to satisfy the state law which requires that before taxes may be increased, the county must give notice of proposed changes. Two types of changes may take place: (1) the appraised market value of the property, and (2) the proposed taxes that property owners will pay.
State law requires that notification be given in advance of the proposed tax increase and of the time and location of the budget meetings at which public input will be received. This has concluded with the hearing by the local school fund August 15th. There has been a period from August 1 to August 31, 2006 for assistance to property owners to address concerns they may have about the valuation given by the County, and therefore, the tax to be assessed. Owners have the right to make application and appeal the stated valuation which will influence the proposed tax.
With the property valuation notice, the owner is informed of current and proposed property taxes, showing (1) tax last year, (2) this year's tax if no budget change, and (3) this year's tax if proposed budget is approved.
Then the market value of the property is given. All property taxes are based upon the market value of the property. As the market value of the property increases or decreases, the property tax may also increase or decrease. Market value is estimated by the County Assessor. If the owner believes the value of the property is incorrect, the owner may appeal to the County Board of Equalization (the County Commissioners). DIRECTIONS are given on the notice for making such an appeal and MUST BE FOLLOWED, wherein it provides time and place for contact to make appointment and the documentation essential to support the appeal. This must be done within 45 days of the mailing of the notice. The Board of Equalization closes September 15, 2006. All appeal applications must be received prior to that time. If you intend to appeal, and have not yet made application, you would be well served to not delay, for if you wait to the last minute time may not be your friend for a timely evaluation and processing of the appeal.
None of us want to pay more taxes than we have to, but it must be remembered that this is the system set up under the law for generating revenues for our public services, which are so essential to all of us. So on this eve of Labor Day, the pending assessment for payment of real property tax may be just one more reason to personally assess and personally appraise one's personal earning potential and purpose for working, toiling, and Laboring; hopefully for much more fulfilling reasons than for paying taxes.
St. George REALTOR® Jim Coleman is Associate Broker and Partner/Owner of ERA Brokers Consolidated. He works with Buyers and Sellers and Specializes in Residential, Investment and Commercial Real Estate. You can contact him by e-mail at Jim@RealtorJimC.com. Call: (435) 674-0600; or write: Jim Coleman, 201 East St. George Boulevard, St. George, Utah 84770. This and other columns are available at www.RealtorJimC.com/articles.