Utah Property Tax Revenues Surpass $2 Billion Milestone
Total property tax collections in Utah -- including age-based vehicle fee-in-lieu (FIL) -- will surpass $2 billion in 2006, according to calculations by the Utah Taxpayers Association based on data from the Utah State Tax Commission. Earlier this year, the state passed another revenue milestone as individual income tax revenues surpassed the $2 billion mark for the fiscal year that ended June 30, 2006.
Excluding vehicle FIL, taxes on real and personal property will be $1.84 billion in 2006, up 7.8% from 2005. Including vehicle FIL, property tax revenue will be $2.02 billion, up 7.2% from 2005.
The statewide effective tax rate (ETR) on real and personal property (excluding FIL) decreased from 1.289% in 2005 to 1.185% in 2006. The reduction in ETR is due to a significant 17.3% increase in property valuation.
School districts will receive 55% of all property taxes, about the same proportion as in 1986 but up from 50% in 1996. Counties will receive 18.3%, cities 15.5%, and special service districts 11.2%
One billion. Two billion. Now we're starting to talk about real money.
Posted by
Anonymous |
5:48 AM
I bet we hit $3 billion in seven years.
Posted by
Anonymous |
10:21 PM