Utah HB0484 limits property tax revenue increases and requires voter approval for exceeding certain limits.

Utah HB0484 amends property tax regulations by limiting the total amount of additional property tax revenue a taxing entity can obtain through the truth-in-taxation process. It requires taxing entities to obtain voter approval to exceed the limit on total additional property tax revenue. The bill also outlines the requirements for submitting a question to voters for approval and the effect of receiving voter approval. Additionally, it eliminates the hold harmless period for state guaranteed budgeted revenue, excluding eligible new growth, for the base year.

Utah HB0484 limits property tax revenue increases and requires voter approval for exceeding certain limits.

Utah HB0484 amends property tax regulations by limiting the total amount of additional property tax revenue a taxing entity can obtain through the truth-in-taxation process. It requires taxing entities to obtain voter approval to exceed the limit on total additional property tax revenue. The bill also outlines the requirements for submitting a question to voters for approval and the effect of receiving voter approval. Additionally, it eliminates the hold harmless period for state guaranteed budgeted revenue, excluding eligible new growth, for the base year.