Midvale City Property Values Rise, Property Tax Rate Drops
The Certified Tax Rate for Midvale City for calendar year 2017 is .001309, compared to the 2016 rate of .001398. Utah state law prevents municipal governments from receiving higher property tax revenues based solely upon increases in property values
Residential property is taxed on 55% of its value. A Midvale home valued at $250,000 in 2016 had a taxable value of $137,500 ($250,000 x 55%). $137,500 x the 2016 tax rate of .001398 = $192.23 due in property taxes to Midvale City.
Per the Salt Lake County Assessor, Midvale property values have increased an average of about 6.8%. The tax value of that same home is now $146,850 ($137,500 x 1.068). $146,850 x the 2017 tax rate of .001309 = $192.23, the same amount as the previous year.
Because the 6.8% increase in value is the average, the assessed value of your home may be higher or lower than 6.8%. Regardless, the property tax you pay to Midvale City in 2017 should be similar to the amount you paid in 2016.
For a City to increase its property tax revenue by increasing the certified tax rate, the City Council is required to publish a quarter page ad in the newspaper and hold a “Truth in Taxation” public hearing. The Council went through this process in 2016, but has determined that a tax increase in 2017 is unnecessary.
The City does receive additional revenue from property taxes on new development. The taxable value of new development in Midvale in 2017 is just over $30 million. Property tax revenue from that new growth is $40,800. Those funds will go towards providing city services to those new residents and businesses.
The taxable value of property in Midvale City has increased from $1.85 billion in 2016 to $1.98 billion in 2017.