Drop in property values and property taxes

Property values in San Juan County dropped by approximately 3.4 percent in 2017, representing a $29 million drop in the local tax base.
According to figures released by the San Juan County Assessor, the total value of taxable properties in San Juan County is approximately $817 million.
This compares to $846 million in 2016, $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.
Local taxing entities generally kept property tax rates at the same level, or lower, for the coming tax year. As a result, property taxes will drop this year.
In Monticello, the anticipated property tax in the coming year for a home valued at $150,000 is $1,265.12, compared to $1,365.87 in the past year. The $100.75 decrease represents a 7.38 percent drop.
It is similar in Blanding, where the anticipated property tax for a similar home is $1,266.81, compared to $1,347.65 in the past year. The $80.84 decrease represents a six percent drop.
The value of centrally-assessed properties, including oil, gas, copper, uranium, pipelines and power companies, continues to plummet. Centrally-assessed properties are currently valued at $358 million. They were valued at $598 million in 2014 and $422 million in 2015.
Local taxing entities, including the Cities of Monticello and Blanding and the San Juan School District, set property tax rates in June for the fiscal year which begins July 1.
The other taxing entities in San Juan County have budget and tax rate hearings in November and early December. The fiscal year for these entities begins each year on January 1.
Annual property tax payments are due in December each year.

San Juan Record

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Monticello, UT 84535

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