Tyson Smith, Regional Economist
The Utah Department of Workforce Services (DWS) relies on several data sources to help describe the state of the economy. The most accurate data available is the nonfarm payroll employment information that is collected through the Quarterly Census of Employment and Wages. However, the resources required to gather data accurately come at the expense of timeliness, which results in a four to six month lag between the time these data are collected and when they are available to the public.
Other data are collected in a timelier manner, and these data (along with historical trends) provide a foundation to estimate current economic conditions. Economists at DWS rely heavily upon statistical models, surveys, and limited datasets to evaluate the economy in real-time. Some of those tools, like the county unemployment rates and initial weekly unemployment claims, are highlighted in this article.
The truth is that no single source of economic data exists that can appropriately profile the labor market in real-time. So, when evaluating regional economies it is important to understand the recent economic history of the area, while also using any up-to-date information available despite the limitations of present data.
Showing posts with label Taxes. Show all posts
Showing posts with label Taxes. Show all posts
Monday, April 27, 2015
Emery County Economic Update
Tyson Smith, Regional Economist
The Utah Department of Workforce Services (DWS) relies on several data sources to help describe the state of the economy. The most accurate data available is the nonfarm payroll employment information that is collected through the Quarterly Census of Employment and Wages. However, the resources required to gather data accurately come at the expense of timeliness, which results in a four to six month lag between the time these data are collected and when they are available to the public.
Other data are collected in a timelier manner, and these data (along with historical trends) provide a foundation to estimate current economic conditions. Economists at DWS rely heavily upon statistical models, surveys, and limited datasets to evaluate the economy in real-time. Some of those tools, like the county unemployment rates and initial weekly unemployment claims, are highlighted in this article.
The truth is that no single source of economic data exists that can appropriately profile the labor market in real-time. So, when evaluating regional economies it is important to understand the recent economic history of the area, while also using any up-to-date information available despite the limitations of present data.
The Utah Department of Workforce Services (DWS) relies on several data sources to help describe the state of the economy. The most accurate data available is the nonfarm payroll employment information that is collected through the Quarterly Census of Employment and Wages. However, the resources required to gather data accurately come at the expense of timeliness, which results in a four to six month lag between the time these data are collected and when they are available to the public.
Other data are collected in a timelier manner, and these data (along with historical trends) provide a foundation to estimate current economic conditions. Economists at DWS rely heavily upon statistical models, surveys, and limited datasets to evaluate the economy in real-time. Some of those tools, like the county unemployment rates and initial weekly unemployment claims, are highlighted in this article.
The truth is that no single source of economic data exists that can appropriately profile the labor market in real-time. So, when evaluating regional economies it is important to understand the recent economic history of the area, while also using any up-to-date information available despite the limitations of present data.
Tuesday, December 4, 2012
Not Much Growth in Property Value for Carbon County
The total assessed value of Carbon County's top ten property tax payers edged up slightly in 2012, but
still remains under $1 billion.
According to figures provided by the County Treasurer's Office, the assessed value of the top ten was
$923 million. In 2011 it was $888 million.
The valuations of the past two years are still well below $1.36 billion of 2008, before the recession and
natural gas glut.
Every one of the top ten this year is an energy producer or related to the energy industry.
Bill Barrett Corp. heads the list, with a value of $177.6 million and tax amount of $1.85 million. Conoco
Phillips is number two, valued at $168.5 million and tax amount of $1.8 million.
The total tax amount for all ten producers is $10.13 million, just about equal to last year's $10.17 million.
The top ten pay a little less than half of total taxes charged, which is $22 million.
Figures could change somewhat if appeals alter the valuations and the taxes.
Bigger industries such as these are "centrally assessed," meaning that the State Tax Commission rather
than the County Assessor determines the values. The formula used by the state is complicated because it
considers such factors as depletion, depreciation, corporate capital structure and risk premiums.
It is not like assigning a value to a home.
The big tax payers - and every other property tax payer - support schools, county and municipal services.
Schools traditionally get the bulk of property tax payments. Sun Advocate
still remains under $1 billion.
According to figures provided by the County Treasurer's Office, the assessed value of the top ten was
$923 million. In 2011 it was $888 million.
The valuations of the past two years are still well below $1.36 billion of 2008, before the recession and
natural gas glut.
Every one of the top ten this year is an energy producer or related to the energy industry.
Bill Barrett Corp. heads the list, with a value of $177.6 million and tax amount of $1.85 million. Conoco
Phillips is number two, valued at $168.5 million and tax amount of $1.8 million.
The total tax amount for all ten producers is $10.13 million, just about equal to last year's $10.17 million.
The top ten pay a little less than half of total taxes charged, which is $22 million.
Figures could change somewhat if appeals alter the valuations and the taxes.
Bigger industries such as these are "centrally assessed," meaning that the State Tax Commission rather
than the County Assessor determines the values. The formula used by the state is complicated because it
considers such factors as depletion, depreciation, corporate capital structure and risk premiums.
It is not like assigning a value to a home.
The big tax payers - and every other property tax payer - support schools, county and municipal services.
Schools traditionally get the bulk of property tax payments. Sun Advocate
Tuesday, May 29, 2012
School district considers options for property tax
“What more valuable asset do we have in San Juan County than our school children, and what should we put more dollars in that we have available than our school children?” asked San Juan School Board member Debbie Christiansen at the May 15 meeting of the San Juan School Board.
“We could cut the tax rate, so we are the lowest and then slash everything, so our kids don’t have a good education. I look at what we have done over the last five or six years, and I can’t see where we have been irresponsible in spending taxpayer money. I don’t know how much deeper we can dig and be able to provide our kids with the education that they deserve.”
Christiansen’s comments came as part of a lengthy discussion regarding the 2013 budget and suggestions that the district cut the property tax levy next year. San Juan Record
“We could cut the tax rate, so we are the lowest and then slash everything, so our kids don’t have a good education. I look at what we have done over the last five or six years, and I can’t see where we have been irresponsible in spending taxpayer money. I don’t know how much deeper we can dig and be able to provide our kids with the education that they deserve.”
Christiansen’s comments came as part of a lengthy discussion regarding the 2013 budget and suggestions that the district cut the property tax levy next year. San Juan Record
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