Lehi residents will see their property taxes go down this year, thanks in part to IM Flash Technologies.

The former Micron property has doubled in value in the course of one year, said county assessor Chris Paulson. The home to corporate offices of IM Flash Technologies is now worth $200 million.

Paulson recently toured the IM Flash Technologies campus as part of his reassessment of property values in north Utah County. IM Flash has completed construction of some buildings at the site and added to Micron's existing manufacturing plant, increasing its value. Rising property values have also contributed to doubling its nine-figure price tag.

Utah County has a $21 billion total property value, of which Lehi and the IM Flash property are 17 percent, Paulson said.

"You have to remember these are just averages," Paulson said. "One interesting thing we've seen are the older homes a lot of times are used as starter homes but the demand has others looking at them too."

Homeowners will notice the value increase in their property value when the county mails out property valuation notices on July 27.

Because the valuations have increased, homeowners will be paying slightly less in property taxes.

"The rate goes down, it's just basic algebra," said Kerry McConnell, county tax supervisor. "It should be going down, especially when the valuations are going up."

A $200,000 home that was taxed $1,225 last year will cost the property owner approximately $114 less this year, he said.

Earlier in July, Lehi had appealed the assessor's initial valuation of the community, saying it was too low.

"There was some concern on the new growth," said Bryan Thompson, county clerk/auditor.

"The concern was that the assessment may have not picked up the new growth," he said.

The county revisited some of the figures and was able to determine there was about a $30 million adjustment needed.

All property taxes are based upon the market value of a property. As the market value of property increases or decreases, the tax may also increase or decrease.

McConnell said the overall increase in value countywide over the past year was $4 billion.

This story appeared in The Daily Herald on page B6.