The primary sources of tax revenue for Taylorsville City are sales tax, property tax and franchise tax.

Sales tax was implemented in Utah in 1933. It is the largest revenue source for Taylorsville City.

Sales tax accounts for 39% of General Fund revenues. This is a general or selective tax. A general sales tax applies to all or nearly all retail sales. A selective sales tax applies only to certain items, such as gasoline, cigarettes, etc. The state receives the bulk of the general sales tax, and some of it goes to counties, cities and the Utah Transit Authority.

Some selective taxes come back to the city after the funds are collected by the state. These are considered intergovernmental funds (revenue). Gasoline tax is an example of a selective tax that is then used to fund road projects after the state appropriates the revenue based on certain criteria.

Utah's average effective property tax rate is 0.52%, which is the sixth-lowest in the country.

Your property tax bill is calculated by multiplying your taxable property value by each taxing entity’s tax rate and then summing those amounts. The value and property type of your home or business property is determined by the Salt Lake County Assessor. Residential property owners typically receive a 45% deduction from their home value to determine the taxable value, which means you pay property taxes on 55% of your home's value

Franchise taxes are the second largest source of revenue for Taylorsville City's General Fund in FY2023. They accounted for 12% of total revenue. State law allows cities the power to regulate the use of their streets, including access to public rights-of-way.

Often this tax is part of a broader contractual agreement granting a utility company an exclusive franchise to provide service to city residents. This tax is usually levied on natural gas, electricity, telephone and cable television.

The table below summarizes Taylorsville City's tax rates for FY2023:

This type of revenue comes from other governmental organizations such as the State of Utah and federal government. Taylorsville receives it largest source from Utah Department of Transportation State Road Funds and generates 6% of general fund revenues.

This revenue comes from fines paid for various criminal and civil violations (i.e. traffic tickets). The judicial system determines the amount of these fines, and the fines are used to run the Taylorsville Municipal Justice Court.

Taylorsville does not use this source very often. The city has less than $2 million in outstanding debt.