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The Crossroads Journal

Taxes by the numbers in Eagle Mountain

By Mike Kieffer
Eagle Mountain has several different revenue streams that feed into its general fund. One of the biggest sources of revenue for the general fund would be that of taxes. Taxes account for a larger portion of the general fund's revenue than any other source, including fees collected from business licenses, building permits and the like. 2007 was the only year in the last nine years where fees bypassed taxes as the largest revenue stream. Since 2006, Eagle Mountain has received revenue into the general fund ranging from $8.1 million to $10.4 million per year.

Taxes are the biggest revenue stream for the general fund of Eagle Mountain. Taxes are broken down into several different types of taxes. They include sales/use tax, property taxes, motor vehicle taxes, telecom taxes and other taxes. Fees and fines also generate revenue for the city.

The sales and use tax makes up the biggest tax revenue stream to the general fund. Sales taxes in Eagle Mountain are added to sales made in Eagle Mountain. The current tax rate is 6.75 percent. Not all of the tax collected goes to the city. Percentages of that tax go to the state, county, transit and the city and then a city statewide pool.

Eagle Mountain receives 0.5 percent of the sales tax collected in the city. Then 0.5 percent is collected statewide, after which Eagle Mountain gets a percentage of that based on its population.
Property Taxes

All private property owners in Eagle Mountain pay property taxes. A small percentage of property taxes are paid to the city's general fund. The majority of property taxes collected in Eagle Mountain goes toward schools.

Eagle Mountain also receives revenue from vehicle taxes and telecom taxes. These taxes are collected as part of your vehicle registration and telephone bills. Telecom taxes are collected from several sources including land lines, mobile phones and internet providers.

You may also notice that Eagle Mountain receives revenue from late fees and penalties. These late fees are for "utility-related services. The city collects it in this account and then does a true-up journal entry at the end of the year to allocate it to the different funds (enterprise and general fund) based on the administrative overhead allocation percentages and revenue percentages in the related funds." This fund has fluctuated between $207,000 and $411,000 over the last nine years.
The community news source for Eagle Mountain Utah, Saratoga Springs Utah, Lehi Utah, American Fork Utah, Highland Utah, Alpine Utah, and The Cedar Valley, including Cedar Fort Utah and Fairfield Utah. Copyright 2024 The Crossroads Journal LLC. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
 


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