Ligety, who grew up skiing at the resort, became the first male racer in 45 years since Jean-Claude Killy to claim three world championship titles in a year (in giant slalom, super G and combined).
He also finished third in the overall World Cup standings, winning six giant slalom races, then capped the season by taking the men's slalom title at the U.S. Alpine Championships.
The homecoming event begins at 1 p.m. with a parade of flags carried down lower PayDay run by skiers. At PayDay plaza, speakers honoring Ligety will include skiing legend and former world champion Stein Eriksen, U.S. Ski & Snowboard Association President Bill Marolt and Park City Mayor Dana Williams.
Ligety also will speak before a meet-and-greet session from 2-3 p.m. in the plaza. Music by Bryon Friedman will follow on PayDay Deck at Legacy Lodge.
"The homecoming will be free and the public is encouraged to attend," said resort spokesman Andy Miller.