Property taxes to dip slightly in Layton due to increased revenue
Layton Mayor Bob Stevenson talks with Joy Petro from the City Council and General Manager from the Layton Hills Mall Linda Kelley during a get together at Kay's Crossing which included information on Intermountain Medical Center, WinCo, Kia and other businesses coming to Layton on Wednesday, June 10, 2015.
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LAYTON — A rosier-than-anticipated revenue for the current fiscal year will allow Layton to slightly reduce property taxes beginning July 1.
This past fiscal year, sales tax, and other revenue sources, exceeded this fiscal year’s budget estimates by around $1 million, said Tracy Probert, director of the city’s finance department.
As a result, the city will reduce the certified tax rate for residences and commercial property from 0.1842 percent to 0.1805 percent, a drop of 2 percent. What that means is that a home in Layton valued at $250,000 would see a $5.07 annual property tax decrease compared to present rates. For a commercial property of the same value, the property tax would decrease annually by $9.21.
With the tax decrease, the city estimates its property tax revenue at $6,653,349 in fiscal year 2016-2017, compared to $6,789,734 it would garner without the tax decrease. That’s a cumulative decrease of $136,385 in property taxes for residents.
“It’s not a lot, we’re just trying to start a trend,” Layton Mayor Bob Stevenson said on Tuesday.
The city may repeat a property tax decrease next year, but that depends on the economy. “We’d like to see if we can reduce it by maybe 5 percent of the next four years,” Stevenson said.
SALES TAX HIGHER THAN ESTIMATED
In the 2015-2016 fiscal year proposed Layton budget, $12.9 million in sales and general tax revenue was estimated, according to Alex Jensen, city manager. The final tally is expected to be around $13.4 million. The extra $500,000 in sales tax revenue exceeds the $136,385 the city forgoes with the property tax decrease.
The projected Layton budget for 2016-2017 is more than $79 million. “Overall, we have $8.8 million in capital projects,” Probert said. Besides regular issues such as sidewalk repairs, “we’re setting aside funds ($270,000) for the construction of a new fire station at some time,” he added.
Also, $217,800 is allocated for the relocation of a fire station to the western side of the city, close to where the new Intermountain Healthcare hospital is being built, Probert added.
CSI OPERATIONS MOVE TO NEW BUILDING
Jensen said that $252,000 will be spent moving the Layton Police Department’s CSI and Evidence building to the old Catholic seminary building near Layton High School. The department’s Crime Scene Investigation team recently received accreditation by the International Association of Property and Evidence, which establishes standards for property and evidence departments.
The relocated CSI building will increase the chances for the department to solve older, unsolved cold cases,” Jensen said.