1. SLVLESA Certified Tax Rate
Rather than go over the 4 pages of property valuation detail that was provided in the Board packet. I thought that time would better served providing an overview and history of the SLVLESA property valuations.

2. Financial Goals Financial Stability for Public Safety
Maintain a 15% level fund balance
Structurally Balanced Budget
Ongoing revenue equals ongoing expenditures
Provide New Resources with New Growth Revenue
Before we jump in to the property valuations, wanted to provide some framework and background on the overarching goals, property definitions, and how the total property valuation is determined.
These are the 3 overarching goals that set the financial framework for the district.

3. Property Tax Definitions
Real Property
Real property consist of land, buildings and other improvements.
Personal Property
Personal property consists of everything not treated as real property such as machinery, business equipment, office furniture/fixtures and supplies.
Centrally Assessed
All property that operates as a unit across county lines i.e. telephone, cable, utilities, airlines, and all mines and mining claims.
These are the three different property types included in the property tax for taxation.

4. Certified Tax Rate Value
Total Property Valuation
Tax Increment
Board of Equalization Adjustment
5 Year Average Collection Rate
Proposed Tax Rate Value
Proposed
Tax Rate
Value
New Growth
Certified Tax Rate Value

5. Total Property Valuation
The total property valuation for 2017 is 16.9 billion. Of which, real property is 13.4 billion or 79% of the value, personal is 381 million or 2%, and centrally assessed is 3.1 billion or 18%.

6. Project Participation
Tax Increment
Project Participation
Tax Increment Value
West Millcreek – 15F
23,958,221
West Millcreek – 16B
23,324,239
Magna – 26A
38,042,239
Magna Arbor Park – 26C
16,594,762
Riverton City Redwood Road – 42A
20,914,006
Total Tax Increment Value
122,833,467

7. BOE Adjustments & Collection Rate
Board of Equalization Adjustment
2012
2013
2014
2015
2016
2017
BOE Adjustments
42,213,502
54,452,033
70,032,121
67,082,956
61,022,272
56,755,454
5 Year Average Collection Rate
2012
2013
2014
2015
2016
2017
Collection Rate
99.99%
95.86%
96.76%
97.38%
97.67%
97.80%
The Board of Equalization adjustments are adjustments deducted from the total value for property owners appealing the assessed value of their property.
The collection rate of 99.99% in 2012 is higher than the other years due to being the first year of SLVLESA. Since, the collection rate is known and has begun to normalize.

8. Proposed Tax Rate Value
This slide represents the total tax rate value from the deduction of the tax increment, BOE adjustments and the collection rate. The total proposed tax rate value for 2017 is billion. Of which, billion is the base value and the new growth value for 2017 is 395 million.
It is important to note that valuation increases do not equate more revenue. Meaning, that the growth in the base valuation does not equate to increased revenue, rather the certified rate decreases to generate the same revenue. There are only two ways to increase property revenue: new growth (actual new brick and mortars) and tax rate increases above the certified tax rate.
Property valuation increases do not produce more money for the entity, rather valuation increases result in a lower rate which gives more tax rate headroom.

9. Property Tax Rates

10. Planning for the Future

11. Tax Increase Timeline 2017 2017 Jun Jul Aug Sep Oct Nov Dec Today
Adoption of the 2018 SLVLESA Tentative Budget.
10/19/2017
Authorize Notice of Intent to Advertise a 2018 Tax Increase
8/17/2017
Begin notifying each Council of the intent to increase property tax for approval
Mail parcel specific
10/31/2017
8/21/2017
Finish notifying each Council of the intent to increase property tax for approval
Notify Public with 1st newspaper advertisement
9/15/2017
11/30/2017
Notify County Treasurer to prepare parcel specific mailing
9/16/2017
Notify with 2nd newspaper advertisement
12/7/2017
Adopt Amended Budget & Tax Rate
Notification of public meeting of intent to increase property taxes
Public Budget and Truth in Taxation Hearing and adopt property tax increase
6/21/2017
10/1/2017
UPD Begins
7/1/2017
12/14/2017
2017
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2017
Today