In total, the value of properties in 2019 is $861,207,844. In 2018, the property value was $829,655,636. The $31,552,208 increase represents a growth rate of 3.8 percent.
There was explosive growth in property values in two areas of the county in the past year, including Bluff and the Spanish Valley area.
Growth totaled a remarkable 24.58 percent in a single year in and around the Spanish Valley area in northern San Juan County. The values increased from $45 million in 2018 to $56 million in 2019.
Values in Bluff increased nearly as much, growing from $19.8 million in 2018 to $24.7 million 1in 2019. This represents a growth rate of 24.44 percent in one year.
Property values are measured in several categories, including centrally-assessed properties valued by the State of Utah, locally-assessed properties valued by San Juan County, and personal property.
Centrally-assessed properties include large industrial properties, including oil, gas, and mining.
While there was overall growth, property values dropped in some categories, including a drop in the value of several centrally-assessed properties in outlying areas of the county.
In recent decades, the historically high value of many of these properties have fallen.
The value of oil and gas properties continues to drop, due in part to depletion of the resources and also due to low gas prices when the valuation is made in January of each year.
Oil and gas propreties are valued at $115,290,843 for the current year, a drop of more than $10 million from the 2018 valuation of $$125,637,978.
Similarly, an increase in property values can be experienced if market prices are high when the valuation is made. These market prices continue to fluctuate throughout the year.
In total, centrally-assessed properties are valued at $362 million. The values in 2018 was $354 million. In 2017, the value was $358 million.
Locally-assessed properties are valued at $413 million. The values in 2018 were $388 million. This represents growth of more than seven percent in the past year. The values were $371 million in 2017.
Personal properties decreased from $88 million in 2018 to $86 million this year. The decrease is due, in part, to depreciation of the Latigo Wind Farm project north of Monticello.
The value of properties in Blanding total $100 million, while properties in Monticello total $107 million.
With the valuations, local taxing entities can determine tax rates for the upcoming year.
A number of entities, including local communities and the San Juan School District, are set to approve budgets in time for the new fiscal year, which begins on July 1.
Tax notices are generally sent to taxpayers in August, with the annual property tax bill coming due on November 30.
The property values will not be finalized until after tax equalization hearings are held.