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H.B. 28
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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) [
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[
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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 [
26 [
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.