In the first property tax increase proposed by the city since 2014, property taxes are set to go up by about $130 annually on a residential property valued at the city’s median home price of $520,000, according to the budget.
Salt Lake City Mayor Erin Mendenhall proposed the increase in early May, noting that “though our revenues have increased, they have not risen at the same pace as the demands have for our city,” in a news release at the time.
“Today we find ourselves in a unique economic position with a growing economy, rising population, and inflation,” she added. “But we also find ourselves at a position of never before seen demand for city services.”
The property tax increase that was proposed by the mayor was adopted by the council two weeks ago, according to a spokesman from the mayor’s office. Another hearing will be held in August to formalize the added tax, but the increase will go into effect in November.
Article Source: Mansion Global