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New data cancels city's proposed property tax hike

(MIDVALE JOURNAL) Despite earlier projections, the Midvale City Council has decided it won’t be necessary to raise property taxes to balance the 2010 budget. City leaders previously had considered increasing the tax rates by 6 percent.

Councilmembers voted to maintain the status quo during the June 16 council meeting, after the city received a final property tax evaluation from the Salt Lake County auditor.

“We never receive a final evaluation until June and when that information came out, the county had placed a higher value on the new growth in Midvale than we had anticipated,” said Laurie Harvey, Midvale City’s assistant city manager. “It means that the city will receive more property tax revenues than we expected.”

Although property values throughout the city have dropped by approximately 10 percent, the county has raised the certified tax rate by the same amount, allowing the city to receive about the same amount of property taxes as it did last year.

Based on prior projections there was a $190,000 deficit in the budget but the new expected revenue will close more than half of the gap.

Original Article