Tooele County residents won’t have to pay as much property tax as previously projected to help the county boost its crippled budget, an official said.
Instead of an $88 increase for a $150,000 homeowner, the new amount is officially $73. The $15 reduction is the result of a new certified tax rate that will be used to tax real properties for the 2013-14 fiscal year, and new growth in the area.
Those numbers were released by Tooele County Treasurer Jeremy Walker during a financial recovery plan update at Tuesday night’s Tooele County Commission meeting.
Walker explained during the update that despite the reduced tax increase, the county will still receive the required $2.6 million in needed additional revenue to begin restoring the county’s rainy day fund, repay loans for Deseret Peak Complex, and create a capital facilities fund.
The treasurer explained the county’s financial recovery plan, which was originally released to the public in May, is designed to reduce service levels and expenditures, and increase taxes to create a cash surplus.
“That surplus will be used to do three things,” Walker said. “Restore the rainy day fund balance, repay loans for Deseret Peak, and to have money in savings to replace and renew capital facilities that are aging.”
Walker said under the recovery plan, the $6.5 million in loans from restricted funds for Deseret Peak Complex will be repaid in three to five years.
Since the county’s financial recovery plan was announced in May, the commissioners have held three town hall meetings to publicly share how the county budget fell into hard times and what is being done to restore it. Approximately 100 total citizens were counted at all three meetings, noted Walker. The meeting with the largest turnout (41) was held on June 25 at Grantsville High School.
To further spread the word, the commissioners will hold two more town hall meetings before a truth in taxation hearing. That hearing is scheduled for 7 p.m. on Aug. 20 at Deseret Peak Complex.
The next town hall meeting is scheduled for July 23 at the Stockton Miners Cafe in Stockton. The next one is set for Aug. 13 at the Tooele High School auditorium. Both meetings will begin at 7 p.m. An explanation about the recovery plan will be given, and then the commissioners will take citizen comment.