Local property values up $40 million
Jun 07, 2016 | 5897 views | 0 0 comments | 289 289 recommendations | email to a friend | print
Property values in San Juan County increased by approximately $40 million in 2016, slowing a multi-year drop in the local tax base.

The increase in values is led by the new Latigo Wind Farm, north of Monticello, which has been valued at approximately $100 million.

Using 2015 tax rates, the wind farm would pay more than $1.3 million in annual property taxes in the coming year to San Juan County and other taxing entities.

The value of centrally-assessed properties, including oil, gas, copper, uranium, pipelines and power companies, continues to drop

The absolute property value figures have yet to be finalized but as of the press deadline, the San Juan County Assessors office was ensuring that the final figures are in balance.

Local taxing entities, including the Cities of Monticello and Blanding, and the San Juan School District will set property tax rates in June for the fiscal year which begins July 1. Budget hearings will be held in coming weeks.

The other taxing entities in San Juan County have budget and tax rate hearings in November and early December. Their fiscal year begins each year on January 1.

The total value of taxable properties in San Juan County is approximately $846 million.

This compares to $805 million in 2015 and $980 million in 2014.

The value of local properties (and thus the size of the tax base) peaked at more than $1 billion in 2012 before beginning a steady decline.

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