Park City and surrounding areas continue to attract people in high volumes
Summit County by the Numbers
Who are we today? Who were we before, and who will we be in the future? Park City, Summit, and Wasatch counties are dynamic, high-growth areas. Park City has not only transformed itself, but the entire region. Some people even call Park City home, yet live 20 miles out of town. It’s become much bigger than just one town. And there’s no denying that life is good here: the summers are cool and green, the winters are sunny and snowy, and it seems everyone is outdoors doing something all of the time.
Government structure consists of a Park City mayor and council form of government, with an appointed manager. They run a town of, nominally, 7,500, which swells to 50,000 during the busy months. The Summit County Council of five oversees the Kimball Junction/Snyderville Basin area, and those areas not within the municipal boundariesof Coalville, Oakley, Kamas and Francis.
Tax rates are also attractive to newcomers, who are used to much higher rates. If you are a primary homeowner in the State of Utah (meaning you live in your home at least six months a year) state tax code gives you a break on your property taxes: you’ll only pay taxes on 55 percent of the appraised value.
If you own a condominium or vacation home, however, you’ll pay taxes on all 100 percent of the valuation. This Primary Residence Exemption also gives those with property rented to a single tenant year round, the same exemption for the home and up to one acre of land. Nightly and short-term rental properties do not qualify.
To receive the exemption a homeowner must fill out the Signed Statement of Primary Residence; a binding legal document. It is available online and from the Summit County Assessor’s Office. The deadline for all applications is May 1st of each calendar year, and new applicants must occupy the property at least six months of the calendar year to qualify.
Lifestyle, taxes, clean air and good schools are all going to continue to attract residents and visitors to our high valleys.