Fiscal Note - State of Utah - 2012 General Session

HB0075 - Property Taxation of Low-income Housing

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 is not expected to result in direct, measurable costs for local governments. However, owners of low-income housing who do not comply with reporting requirements in the bill will be subject to a minimum fine of $250, which could increase revenue to local governments.

Direct Expenditures by Utah Residents and Businesses (UCA 36-12-13(2)(d)):
Owners of low-income housing who do not comply with reporting requirements in the bill will be subject to a fine of $250 or 10% of the tax due on the property for that year, whichever is greater.