Fiscal Note - State of Utah - 2012 General Session
SB0122 - Urban Farming Assessment Act
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)):
Local governments may see increased costs in administering the urban farming provisions.
Direct Expenditures by Utah Residents and Businesses (UCA 36-12-13(2)(d)):
Up to 1,200 property owners in counties of the first class could qualify for up to $1,200,000 in property tax reduction. Due to truth in taxation, individuals not qualifying for the urban farming provisions could see a tax increase of up $2.75 for an owner of a $250,000 home or up to $20.03 for an owner of a $1,000,000 business. Individuals receiving the assessment reduction would be subject to 10-year rollback of taxes if the land is no longer eligible for an urban farming assessment.
|1/26/2012, 7:25:34 AM, Lead Analyst: Young, T./Attny: RLR||Office of the Legislative Fiscal Analyst|