Posted 9/4/2023, 3:00:00 AM

How the housing market is exposing an ‘unpredictable’ tax problem for Utah homeowners

Utah homeowners are experiencing higher property tax bills due to a phenomenon known as "tax shift," where residential properties have seen significant value increases compared to other property types such as commercial real estate, resulting in a greater burden on residential owners; lawmakers are considering potential solutions to address this issue.

deseret.com

Relevant topic timeline:

9/1/2023

Utah home prices are down from 2022, but climbing. Have they already hit bottom?

Despite high interest rates and low availability, housing prices in Utah have remained high, with Salt Lake County's median single-family home price reaching $610,000 in July 2023, a 49% increase from March 2020. The Federal Reserve's efforts to combat inflation have led to rising interest rates, which have impacted home sales and affordability for buyers. While some economists predict that mortgage rates could reach 8%, it remains uncertain whether Utah's housing market has fully recovered from the price correction experienced earlier this year.

9/14/2023

Utah Home Prices See Historic Declines in Most Areas, But Increase in Select Counties

Utah experienced a significant decline in housing prices from May 2022 to January 2023, with the statewide median sales price of existing homes falling 16%, marking one of the sharpest price declines in the state's real estate history; however, prices have shown signs of recovery since then. Rural counties in northern Utah and Washington County in southern Utah were among the hardest hit, while Summit and Wasatch counties saw the strongest price increases. Among Utah's largest cities, most experienced price declines, but Herriman and Draper saw increases.

9/17/2023

Utah Home Prices Soar 38% Since 2019, Reaching $503K Median as Luxury Estates Hit $3 Million

The real estate market in Utah has seen significant growth, with prices increasing by 38% in just three years, and this article provides examples of what you can buy in different price ranges, from starter homes to luxury properties.

9/21/2023

Utah Housing Market Still Largely Unaffordable Despite Recent Price Dip

Utah's housing affordability crisis continues to worsen with home sales dropping to a nine-year low, prices declining, and record rent increases, making it difficult for most Utahns, especially first-time buyers, to afford a home.