Tier One Real Estate

It is that time of year again that we get the annual bill for property taxes and gasp at the Tax Administration's evaluation of what our property is worth. I have had a few comments from clients that somehow the value of their property has increased since 2009 by 25%! "How Wonderful!" my clients tell me, "Let's get this house sold!".  I get excited and start pulling comparables in the neighborhood with anticipation, only to see that we are at our steady pace of 2.5% growth since 2005 with a drop of 10% in the last two years! This is good news that as in the stock market, real estate experiences up and downs and we are at the end of that cycle. However, in the last few years we are experiencing that "adjustment" and are just now leveling off to a realistic growth pattern. Click on http://www.governor.utah.gov/dea/forecasts/housing_retailsales.pdf  to get an idea of what has been happening in the last 30 years.

If you see that perhaps an appeal to the Board is in your immediate future, consider these guidelines and links to help you along the way.

This is a great link to access your tax notice and property tax information: http://propertytax.utah.gov/countysearch.html

This is a link to the Utah State Tax Commission's, Appeals Guide: http://tax.utah.gov/appeals/guide.html

Here is the Appeals Process Flow - Great Information!: http://www.taxadmin.slco.org/boeAppeals/appealsProcessFlow.html

Appeal Procedures require that the property owner submit two things with their appeal: a BE-01.2010 Appeal Form and evidence that supports the opinion of value. This is the Appeal Form:

http://www.propertytax.slco.org/pdf/BE-01_2010.pdf

Finally, if you decide that you need supporting valuation information, please feel free to call me at 801-898-6909 and I can assist you with determining your home's value from the Market's perspective.