Fiscal Note - State of Utah - 2011 General Session

SB0278 - Charter School Property Tax 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)):
Due 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)):
This bill allows land owned by charter schools before construction of the building to experience a decrease in assessed value by a minimum of $150,000. Depending upon the location of a taxpayer, an individual owning a $250,000 home may experience a tax increase of up to $0.01; for a business owning $1,000,000 in taxable real property, the increase could be up to $0.08; about 94% of taxpayers are unaffected.