So who will pay for the new water lines and fire hydrants in Millcreek?

Salt Lake County created a tax assessment in 2006 for new water lines, fire hydrants, and some other appurtenances.  I don't know what the "other appurtenances" are yet?  The new lines will generally benefit homes in the area  of Millcreek from 700 East to 2700 East and from 2700 South to 3900 South.  Each home within that area will be tagged with a tax assessment of $1,961.68.  Home owners can be pay in one payment or in 10 equal "annual" installments of $242.19.

So the question relating to home sales is, who pays the assessment if the home sales in 2007 - 2017?  The answer: who ever the buyer and seller decide.  It is simply part of the negotiation.  The problem is many real estate agents gloss over the preliminary title search, and don't know what is going in their market place, so they may not negotiate the issue on the purchase contract and will have a surprise at closing.

Informed agents will make sure the assessment is disclosed during negotiations and either agree to have the seller pay the entire amount at closing, or pro-rate the balance for the year of sale and have the buyer assume the remainder of the 10 year annual installments.

So, buyers and sellers....if you're buying or selling in the Millcreek area of Salt Lake, be aware of the recent special municipal tax assessment.

If you have any questions on this assessment and/or any other real estate needs check us out at:

www.wemovesaltlake.com

www.saltlakespeaks.com