Utah HB0485 limits new growth revenue for taxing entities and makes technical and conforming changes.

Utah HB0485 amends the state's property tax laws by limiting the amount of revenue a taxing entity can receive from new growth. It also makes technical and conforming changes to definitions and procedures related to property tax assessments and exemptions. The bill specifies how new growth revenue is calculated and limits the amount of additional ad valorem tax revenue a taxing entity can budget. It also revises the definitions of various terms used in property tax assessments, such as "eligible new growth" and "maximum new growth revenue." The bill takes effect on January 1, 2027.

Utah HB0485 limits new growth revenue for taxing entities and makes technical and conforming changes.

Utah HB0485 amends the state's property tax laws by limiting the amount of revenue a taxing entity can receive from new growth. It also makes technical and conforming changes to definitions and procedures related to property tax assessments and exemptions. The bill specifies how new growth revenue is calculated and limits the amount of additional ad valorem tax revenue a taxing entity can budget. It also revises the definitions of various terms used in property tax assessments, such as "eligible new growth" and "maximum new growth revenue." The bill takes effect on January 1, 2027.