The Salt Lake City Council approved a one-time property tax hike on Tuesday, in response to lower-than-expected revenue, and allocated more than $40 million for street and park projects. Residents in attendance welcomed the funding for neighborhood improvements, while others were critical of the additional tax levy on property owners.

Home Values

Salt Lake City property owners will see a one-time increase of 0.0011% in their taxes, which the city described as equivalent to $4.08 on a $675,000 home.

The state’s Truth in Taxation laws require that property levies be “revenue neutral,” with the tax rate adjusting downward as property values rise. But city residents who successfully petitioned for property value reassessments during the past year created a deficit in the city’s expected rev

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