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H.B. 28

             1     

RESIDENTIAL EXEMPTION ON PROPERTY

             2     
TAX

             3     
1999 GENERAL SESSION

             4     
STATE OF UTAH

             5     
Sponsor: Thomas V. Hatch

             6      AN ACT RELATING TO THE PROPERTY TAX ACT; LIMITING THE RESIDENTIAL
             7      EXEMPTION TO 45% OF THE FIRST $250,000 OF THE PROPERTY'S FAIR MARKET
             8      VALUE; MAKING TECHNICAL CHANGES; AND PROVIDING FOR RETROSPECTIVE
             9      OPERATION.
             10      This act affects sections of Utah Code Annotated 1953 as follows:
             11      AMENDS:
             12          59-2-103, as last amended by Chapter 275, Laws of Utah 1995
             13      Be it enacted by the Legislature of the state of Utah:
             14          Section 1. Section 59-2-103 is amended to read:
             15           59-2-103. Rate of assessment of property -- Residential property.
             16          (1) All tangible taxable property shall be assessed and taxed at a uniform and equal rate
             17      on the basis of its fair market value, as valued on January 1, unless otherwise provided by law.
             18          (2) [Beginning] Except as provided in Subsection (3), beginning on January 1, [1995]
             19      1999, the first $250,000 of fair market value of residential property shall be reduced by 45%,
             20      representing a residential exemption allowed under Utah Constitution Article XIII, Section 2[,
             21      Utah Constitution].
             22          (3) The residential exemption for a person who obtains a homeowner's credit under
             23      Section 59-2-1208 is as provided in:
             24          (a) Section 59-2-1204 ; and
             25          (b) Subsection h [ 59-2-1207 (7)(b) ] 59-2-1202(7)(b) h .
             26          [(3)] (4) No more than one acre of land per residential unit may qualify for the residential
             27      exemption.


             28          Section 2. Retrospective operation.
             29          This act has retrospective operation to January 1, 1999.




Legislative Review Note
    as of 12-15-98 12:36 PM


A limited legal review of this legislation raises no obvious constitutional or statutory concerns.

Office of Legislative Research and General Counsel


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