SALT LAKE CITY (AP) — Utah’s professional soccer team, Real Salt Lake, has saved about $5 million over the last five years after its owner quietly persuaded the county to cut the team’s stadium property tax assessment by about half.
The Salt Lake Tribune reported Sunday that Rio Tinto Stadium’s original assessed value was $98.1 million in 2011, but dropped to $56.7 million after the county’s reduction in 2012. The new value is closer in line to assessments for other pro sports stadiums in the area.
Sandy and Salt Lake County officials say the tax cut resulted from rules that allow lowering the stadium’s taxable value because the team asserted that it was losing money, even though it has had among the top attendance in Major League Soccer.
Information from: The Salt Lake Tribune, http://www.sltrib.com