Fiscal Note - State of Utah - 2012 General Session

SB0116S01 - Armed Forces Property Tax Exemption

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)):
Enactment of this bill likely will not result in direct, measurable costs for local governments.

Direct Expenditures by Utah Residents and Businesses (UCA 36-12-13(2)(d)):
For FY 2014, an estimated 1,600 active military members would apply for and receive an estimated $2,161,000 property tax reduction. Due to truth in taxation, about 901,000 owners of property that are not active military members would see, after a period of five years, tax increases in the same amount as the tax decrease for active military members; on average, the tax increase would be $1.03 per owner of a $250,000 home or $7.68 per $1,000,000 business.

2/10/2012, 11:22:51 AM, Lead Analyst: Young, T./Attny: RLROffice of the Legislative Fiscal Analyst