Fiscal Note - State of Utah - 2011 General Session

SB0125S03 - Property Tax Exemption Amendments

State Government (UCA 36-12-13(2)(b)):
Enactment of this bill likely will not materially impact the state budget.

Local Governments (UCA 36-12-13(2)(c)):
By increasing the number of exemptions, local governments may experience an increase in Board of Equalization filings. Dur to truth in taxation, there is a shift among property types, with revenue to local governments being unaffected.

Direct Expenditures by Utah Residents and Businesses (UCA 36-12-13(2)(d)):
Nonprofit entities involved in the physical and mental training of competitive athletes could experience a decrease in tax liability of about $150,000; land owned by charter schools before construction of the building could experience a decrease in assessed value by a minimum of $150,000. Individuals and businesses not involved in the mentioned activities experience a tax liability increase. Depending upon the location of the taxpayer, for an individual owning a $250,000 home, the tax increase ranges from $0 to $3 per year; for a business owning $1,000,000 in taxable real property, the tax increase is from $0 to $22; about 92% of taxpayers are unaffected.

2/14/2011, 12:00:40 PM, Lead Analyst: Young, T./Attny: RHROffice of the Legislative Fiscal Analyst