Salt Lake County will refund more than $1.2 million in overpaid property taxes to three of the largest corporations operating in Utah.
Tax refunds for the years 1986 and 1987 will go to Kennecott Minerals, Trans World Airlines and Utah Power & Light Co.The three corporations overpaid taxes based on overvalued property assessments by the Utah Tax Commission, which assesses property taxes on mining and utility companies. But because the taxes were paid to Salt Lake County, the county must now refund the overpayments.
The corporations each appealed their assessed valuations, contending their property had been overvalued. The Tax Commission earlier this year upheld the appeal and ordered the county to make the refunds.
UP&L will receive a refund of more than $900,000. Kennecott will get more than $300,000 and TWA about $1,500.