The Utah County Commission meeting on June 21, 2023, focused on the current state of property values in the region, highlighting trends in single-family homes, high-density properties, and commercial real estate.

A key discussion point revealed that 68% of properties in Utah County are single-family homes, with their overall value remaining stable compared to last year. The speaker noted that while there was a fluctuation in values since January 2020, the current values are similar to those from previous years, primarily influenced by the construction of new homes.

In terms of high-density properties, which include twin homes, townhomes, and condos, there was a slight increase in total value. This adjustment was necessary due to previous undervaluations of some high-density properties.

The meeting also addressed commercial properties, which represent only 12% of the total parcels but account for 20% of the taxable value in the county. The speaker indicated that the COVID-19 pandemic had created instability in the commercial real estate market, making it difficult to assess property values accurately. Some retail businesses thrived, while others, particularly restaurants, struggled. As a result, the commission decided to raise the average value of commercial properties by approximately 12% from the previous year to reflect current market conditions.

Concerns were raised about the timeliness of data used for these assessments, as there are indications that commercial property values may not be increasing as previously thought. The commission acknowledged the challenges in obtaining reliable data and the need for ongoing monitoring of the real estate market.

Overall, the discussions underscored the complexities of property valuation in Utah County, particularly in the wake of the pandemic, and highlighted the commission's efforts to ensure accurate assessments moving forward.