First Substitute H.B. 386

Representative John Dougall proposes the following substitute bill:

1 PERSONAL PROPERTY TAX AMENDMENTS
2 2006 GENERAL SESSION
3 STATE OF UTAH
4 Chief Sponsor: John Dougall
5 Senate Sponsor: ____________
6
7 LONG TITLE
8 General Description:
9 This bill amends the Property Tax Act relating to personal property.
10 Highlighted Provisions:
11 This bill:
12 . defines terms;
13 . requires the State Tax Commission to apply certain percentages of value to personal
14 property determined on the basis of other states' percentages of value of personal
15 property;
16 . modifies the calculation of the certified tax rate; and
17 . makes technical changes.
18 Monies Appropriated in this Bill:
19 None
20 Other Special Clauses:
21 This bill takes effect on January 1, 2007.
22 Utah Code Sections Affected:
23 AMENDS:
24 59-2-913, as last amended by Chapter 68, Laws of Utah 2004
25 59-2-924, as last amended by Chapters 217 and 244, Laws of Utah 2005

26 ENACTS:
27 59-2-234, Utah Code Annotated 1953
28
29 Be it enacted by the Legislature of the state of Utah:
30 Section 1. Section 59-2-234 is enacted to read:
31 59-2-234. Personal property valuation.
32 (1) As used in this section:
33 (a) "Acquisition cost" means all costs required to put an item of personal property into
34 service, including:
35 (i) the purchase price of the personal property; or
36 (ii) the installation, engineering, erection, or assembly costs of the personal property.
37 (b) "Cost new" means the actual cost of personal property on the date the personal
38 property is purchased.
39 (c) "Percent good" means an estimate of fair market value, expressed as a percentage,
40 that is:
41 (i) determined on the basis of acquisition cost or cost new of an item of personal
42 property; and
43 (ii) adjusted for any appreciation or depreciation.
44 (2) As part of its rulemaking process to develop an official schedule defining any class
45 or item as personal property as required by Section 59-2-107 , for personal property with a
46 economic life of five years or less, the commission shall:
47 (a) review each personal property valuation guide, table, or schedule:
48 (i) within each state within the United States that has a property tax valuation system
49 that:
50 (A) requires tangible personal property to be assessed on the basis of fair market value;
51 or
52 (B) allows for the classification of property if that property tax valuation system
53 determines the percent good of that class or item of personal property on the basis of full fair
54 market value with no deductions or exemptions;
55 (ii) used by a state described in Subsection (2)(a)(i) within the one-year period before
56 the commission begins its rulemaking process; and

57 (iii) that is available to the commission before the commission begins its rulemaking
58 process; and
59 (b) subject to Subsection (3), establish a percent good as follows:
60 (i) if one or more valuation guides, tables, or schedules described in Subsection (2)(a)
61 that are adopted by a state other than this state lists a percent good for a particular year and type
62 or class of personal property, determine whether the lowest percent good of those valuation
63 guides, tables, or schedules for that particular year and type or class of personal property is
64 lower than the commission's proposed percent good for that particular year and type or class of
65 personal property; and
66 (ii) if the percent good results in a value that is equal to fair market value, adopt the
67 lowest percent good described in Subsection (2)(b)(i); or
68 (iii) if the percent good results in a value that is not equal to fair market value, adopt
69 the lowest percent good that results in a value that is equal to fair market value.
70 (3) As part of its rulemaking process to develop an official schedule defining any class
71 or item as personal property as required by Section 59-2-107 , regardless of the economic life of
72 the personal property, the commission may identify a year and type or class of personal
73 property with a fair market value of zero.
74 Section 2. Section 59-2-913 is amended to read:
75 59-2-913. Definitions -- Statement of amount and purpose of levy -- Contents of
76 statement -- Filing with county auditor -- Transmittal to commission -- Calculations for
77 establishing tax levies -- Rulemaking authority -- Format of statement.
78 (1) As used in this section:
79 (a) "budgeted property tax revenues" does not include revenue received from personal
80 property assessed by a county assessor in accordance with Part 3, County Assessment;
81 [(a)] (b) "percentage net change in the value of taxable property for the equalization
82 period" means the percentage net change between the taxable value of taxable property:
83 (i) (A) on June 8; and
84 (B) listed on the assessment roll as reported by the:
85 (I) county assessor; and
86 (II) county auditor; and
87 (ii) (A) on December 31; and

88 (B) as reported by the county auditor as a year-end taxable value; and
89 [(b)] (c) "taxable property" means property:
90 (i) described in Section 59-2-201 that is assessed by the commission; and
91 (ii) described in Section 59-2-301 that is assessed by a county assessor.
92 (2) (a) The legislative body of each taxing entity shall file a statement as provided in
93 this section with the county auditor of the county in which the taxing entity is located.
94 (b) The auditor shall annually transmit the statement to the commission:
95 (i) before June 22; or
96 (ii) with the approval of the commission, on a subsequent date prior to the date
97 established under Section 59-2-1317 for mailing tax notices.
98 (c) The statement shall contain the amount and purpose of each levy fixed by the
99 legislative body of the taxing entity.
100 (3) (a) For purposes of establishing the levy set for each of a taxing entity's applicable
101 funds, the legislative body of the taxing entity shall calculate an amount determined by dividing
102 the budgeted property tax revenues, specified in a budget which has been adopted and
103 approved prior to setting the levy, by the amount calculated under Subsection (3)(b).
104 (b) For purposes of Subsection (3)(a), the legislative body of a taxing entity shall
105 calculate an amount as follows:
106 (i) calculate for the taxing entity the difference between:
107 (A) the aggregate taxable value of all property taxed; and
108 (B) any redevelopment adjustments for the current calendar year;
109 (ii) after making the calculation required by Subsection (3)(b)(i), calculate an amount
110 determined by increasing or decreasing the amount calculated under Subsection (3)(b)(i) by the
111 average of the percentage net change in the value of taxable property for the equalization
112 period for the three calendar years immediately preceding the current calendar year;
113 (iii) after making the calculation required by Subsection (3)(b)(ii), calculate the product
114 of:
115 (A) the amount calculated under Subsection (3)(b)(ii); and
116 (B) the percentage of property taxes collected for the five calendar years immediately
117 preceding the current calendar year; and
118 (iv) after making the calculation required by Subsection (3)(b)(iii), calculate an amount

119 determined by subtracting from the amount calculated under Subsection (3)(b)(iii) any new
120 growth as defined in Section 59-2-924 :
121 (A) within the taxing entity; and
122 (B) for the current calendar year.
123 (c) For purposes of Subsection (3)(b)(i)(A), the aggregate taxable value of all property
124 taxed:
125 (i) except as provided in Subsection (3)(c)(ii), includes:
126 [(i)] (A) the total taxable value of the real and personal property contained on the tax
127 rolls; and
128 [(ii)] (B) the taxable value of any additional personal property estimated by the county
129 assessor to be subject to taxation in the current year[.]; and
130 (ii) does not include personal property assessed by a county assessor in accordance
131 with Part 3, County Assessment.
132 (d) In accordance with Title 63, Chapter 46a, Utah Administrative Rulemaking Act, the
133 commission may prescribe rules for calculating redevelopment adjustments for a calendar year.
134 (4) The format of the statement under this section shall:
135 (a) be determined by the commission; and
136 (b) cite any applicable statutory provisions that:
137 (i) require a specific levy; or
138 (ii) limit the property tax levy for any taxing entity.
139 (5) The commission may require certification that the information submitted on a
140 statement under this section is true and correct.
141 Section 3. Section 59-2-924 is amended to read:
142 59-2-924. Report of valuation of property to county auditor and commission --
143 Transmittal by auditor to governing bodies -- Certified tax rate -- Rulemaking authority
144 -- Adoption of tentative budget.
145 (1) (a) Before June 1 of each year, the county assessor of each county shall deliver to
146 the county auditor and the commission the following statements:
147 (i) a statement containing the aggregate valuation of all taxable property in each taxing
148 entity; and
149 (ii) a statement containing the taxable value of any additional personal property

150 estimated by the county assessor to be subject to taxation in the current year.
151 (b) The county auditor shall, on or before June 8, transmit to the governing body of
152 each taxing entity:
153 (i) the statements described in Subsections (1)(a)(i) and (ii);
154 (ii) an estimate of the revenue from personal property;
155 (iii) the certified tax rate; and
156 (iv) all forms necessary to submit a tax levy request.
157 (2) (a) (i) The "certified tax rate" means a tax rate that will provide the same ad
158 valorem property tax revenues for a taxing entity as were budgeted by that taxing entity for the
159 prior year.
160 (ii) For purposes of this Subsection (2), "ad valorem property tax revenues" do not
161 include:
162 (A) collections from redemptions;
163 (B) interest; [and]
164 (C) penalties[.]; and
165 (D) revenue received from personal property assessed by a county assessor in
166 accordance with Part 3, County Assessment.
167 (iii) Except as provided in [Subsection] Subsections (2)(a)(v) and (2)(o), the certified
168 tax rate shall be calculated by dividing the ad valorem property tax revenues budgeted for the
169 prior year by the taxing entity by the taxable value established in accordance with Section
170 59-2-913 .
171 (iv) (A) In accordance with Title 63, Chapter 46a, Utah Administrative Rulemaking
172 Act, the commission shall make rules determining the calculation of ad valorem property tax
173 revenues budgeted by a taxing entity.
174 (B) For purposes of Subsection (2)(a)(iv)(A), ad valorem property tax revenues
175 budgeted by a taxing entity shall be calculated in the same manner as budgeted property tax
176 revenues are calculated for purposes of Section 59-2-913 .
177 (v) The certified tax rates for the taxing entities described in this Subsection (2)(a)(v)
178 shall be calculated as follows:
179 (A) except as provided in Subsection (2)(a)(v)(B), for new taxing entities the certified
180 tax rate is zero;

181 (B) for each municipality incorporated on or after July 1, 1996, the certified tax rate is:
182 (I) in a county of the first, second, or third class, the levy imposed for municipal-type
183 services under Sections 17-34-1 and 17-36-9 ; and
184 (II) in a county of the fourth, fifth, or sixth class, the levy imposed for general county
185 purposes and such other levies imposed solely for the municipal-type services identified in
186 Section 17-34-1 and Subsection 17-36-3 (22);
187 (C) for debt service voted on by the public, the certified tax rate shall be the actual levy
188 imposed by that section, except that the certified tax rates for the following levies shall be
189 calculated in accordance with Section 59-2-913 and this section:
190 (I) school leeways provided for under Sections 11-2-7 , 53A-16-110 , 53A-17a-125 ,
191 53A-17a-127 , 53A-17a-134 , 53A-17a-143 , 53A-17a-145 , and 53A-21-103 ; and
192 (II) levies to pay for the costs of state legislative mandates or judicial or administrative
193 orders under Section 59-2-906.3 .
194 (vi) (A) A judgment levy imposed under Section 59-2-1328 or Section 59-2-1330 shall
195 be established at that rate which is sufficient to generate only the revenue required to satisfy
196 one or more eligible judgments, as defined in Section 59-2-102 .
197 (B) The ad valorem property tax revenue generated by the judgment levy shall not be
198 considered in establishing the taxing entity's aggregate certified tax rate.
199 (b) (i) For the purpose of calculating the certified tax rate, the county auditor shall use
200 the taxable value of property on the assessment roll.
201 (ii) For purposes of Subsection (2)(b)(i), the taxable value of property on the
202 assessment roll does not include new growth as defined in Subsection (2)(b)(iii).
203 (iii) "New growth" means:
204 (A) the difference between the increase in taxable value of the taxing entity from the
205 previous calendar year to the current year; minus
206 (B) the amount of an increase in taxable value described in Subsection (2)(b)(iv).
207 (iv) Subsection (2)(b)(iii)(B) applies to the following increases in taxable value:
208 (A) the amount of increase to locally assessed real property taxable values resulting
209 from factoring, reappraisal, or any other adjustments; or
210 (B) the amount of an increase in the taxable value of property assessed by the
211 commission under Section 59-2-201 resulting from a change in the method of apportioning the

212 taxable value prescribed by:
213 (I) the Legislature;
214 (II) a court;
215 (III) the commission in an administrative rule; or
216 (IV) the commission in an administrative order.
217 (c) Beginning January 1, 1997, if a taxing entity receives increased revenues from
218 uniform fees on tangible personal property under Section 59-2-404 , 59-2-405 , 59-2-405.1 ,
219 59-2-405.2 , or 59-2-405.3 as a result of any county imposing a sales and use tax under Chapter
220 12, Part 11, County Option Sales and Use Tax, the taxing entity shall decrease its certified tax
221 rate to offset the increased revenues.
222 (d) (i) Beginning July 1, 1997, if a county has imposed a sales and use tax under
223 Chapter 12, Part 11, County Option Sales and Use Tax, the county's certified tax rate shall be:
224 (A) decreased on a one-time basis by the amount of the estimated sales and use tax
225 revenue to be distributed to the county under Subsection 59-12-1102 (3); and
226 (B) increased by the amount necessary to offset the county's reduction in revenue from
227 uniform fees on tangible personal property under Section 59-2-404 , 59-2-405 , 59-2-405.1 ,
228 59-2-405.2 , or 59-2-405.3 as a result of the decrease in the certified tax rate under Subsection
229 (2)(d)(i)(A).
230 (ii) The commission shall determine estimates of sales and use tax distributions for
231 purposes of Subsection (2)(d)(i).
232 (e) Beginning January 1, 1998, if a municipality has imposed an additional resort
233 communities sales tax under Section 59-12-402 , the municipality's certified tax rate shall be
234 decreased on a one-time basis by the amount necessary to offset the first 12 months of
235 estimated revenue from the additional resort communities sales and use tax imposed under
236 Section 59-12-402 .
237 (f) For the calendar year beginning on January 1, 1999, and ending on December 31,
238 1999, a taxing entity's certified tax rate shall be adjusted by the amount necessary to offset the
239 adjustment in revenues from uniform fees on tangible personal property under Section
240 59-2-405.1 as a result of the adjustment in uniform fees on tangible personal property under
241 Section 59-2-405.1 enacted by the Legislature during the 1998 Annual General Session .
242 (g) For purposes of Subsections (2)(h) through (j):

243 (i) "1998 actual collections" means the amount of revenues a taxing entity actually
244 collected for the calendar year beginning on January 1, 1998, under Section 59-2-405 for:
245 (A) motor vehicles required to be registered with the state that weigh 12,000 pounds or
246 less; and
247 (B) state-assessed commercial vehicles required to be registered with the state that
248 weigh 12,000 pounds or less.
249 (ii) "1999 actual collections" means the amount of revenues a taxing entity actually
250 collected for the calendar year beginning on January 1, 1999, under Section 59-2-405.1 .
251 (h) For the calendar year beginning on January 1, 2000, the commission shall make the
252 following adjustments:
253 (i) the commission shall make the adjustment described in Subsection (2)(i)(i) if, for
254 the calendar year beginning on January 1, 1999, a taxing entity's 1998 actual collections were
255 greater than the sum of:
256 (A) the taxing entity's 1999 actual collections; and
257 (B) any adjustments the commission made under Subsection (2)(f);
258 (ii) the commission shall make the adjustment described in Subsection (2)(i)(ii) if, for
259 the calendar year beginning on January 1, 1999, a taxing entity's 1998 actual collections were
260 greater than the taxing entity's 1999 actual collections, but the taxing entity's 1998 actual
261 collections were less than the sum of:
262 (A) the taxing entity's 1999 actual collections; and
263 (B) any adjustments the commission made under Subsection (2)(f); and
264 (iii) the commission shall make the adjustment described in Subsection (2)(i)(iii) if, for
265 the calendar year beginning on January 1, 1999, a taxing entity's 1998 actual collections were
266 less than the taxing entity's 1999 actual collections.
267 (i) (i) For purposes of Subsection (2)(h)(i), the commission shall increase a taxing
268 entity's certified tax rate under this section and a taxing entity's certified revenue levy under
269 Section 59-2-906.1 by the amount necessary to offset the difference between:
270 (A) the taxing entity's 1998 actual collections; and
271 (B) the sum of:
272 (I) the taxing entity's 1999 actual collections; and
273 (II) any adjustments the commission made under Subsection (2)(f).

274 (ii) For purposes of Subsection (2)(h)(ii), the commission shall decrease a taxing
275 entity's certified tax rate under this section and a taxing entity's certified revenue levy under
276 Section 59-2-906.1 by the amount necessary to offset the difference between:
277 (A) the sum of:
278 (I) the taxing entity's 1999 actual collections; and
279 (II) any adjustments the commission made under Subsection (2)(f); and
280 (B) the taxing entity's 1998 actual collections.
281 (iii) For purposes of Subsection (2)(h)(iii), the commission shall decrease a taxing
282 entity's certified tax rate under this section and a taxing entity's certified revenue levy under
283 Section 59-2-906.1 by the amount of any adjustments the commission made under Subsection
284 (2)(f).
285 (j) In accordance with Title 63, Chapter 46a, Utah Administrative Rulemaking Act, for
286 purposes of Subsections (2)(f) through (i), the commission may make rules establishing the
287 method for determining a taxing entity's 1998 actual collections and 1999 actual collections.
288 (k) (i) (A) For fiscal year 2000, the certified tax rate of each county required under
289 Subsection 17-34-1 (4)(a) to provide advanced life support and paramedic services to the
290 unincorporated area of the county shall be decreased by the amount necessary to reduce
291 revenues in that fiscal year by an amount equal to the difference between the amount the county
292 budgeted in its 2000 fiscal year budget for advanced life support and paramedic services
293 countywide and the amount the county spent during fiscal year 2000 for those services,
294 excluding amounts spent from a municipal services fund for those services.
295 (B) For fiscal year 2001, the certified tax rate of each county to which Subsection
296 (2)(k)(i)(A) applies shall be decreased by the amount necessary to reduce revenues in that fiscal
297 year by the amount that the county spent during fiscal year 2000 for advanced life support and
298 paramedic services countywide, excluding amounts spent from a municipal services fund for
299 those services.
300 (ii) (A) A city or town located within a county of the first class to which Subsection
301 (2)(k)(i) applies may increase its certified tax rate by the amount necessary to generate within
302 the city or town the same amount of revenues as the county would collect from that city or
303 town if the decrease under Subsection (2)(k)(i) did not occur.
304 (B) An increase under Subsection (2)(k)(ii)(A), whether occurring in a single fiscal

305 year or spread over multiple fiscal years, is not subject to the notice and hearing requirements
306 of Sections 59-2-918 and 59-2-919 .
307 (l) (i) The certified tax rate of each county required under Subsection 17-34-1 (4)(b) to
308 provide detective investigative services to the unincorporated area of the county shall be
309 decreased:
310 (A) in fiscal year 2001 by the amount necessary to reduce revenues in that fiscal year
311 by at least $4,400,000; and
312 (B) in fiscal year 2002 by the amount necessary to reduce revenues in that fiscal year
313 by an amount equal to the difference between $9,258,412 and the amount of the reduction in
314 revenues under Subsection (2)(l)(i)(A).
315 (ii) (A) (I) Beginning with municipal fiscal year 2002, a city or town located within a
316 county to which Subsection (2)(l)(i) applies may increase its certified tax rate to generate
317 within the city or town the same amount of revenue as the county would have collected during
318 county fiscal year 2001 from within the city or town except for Subsection (2)(l)(i)(A).
319 (II) Beginning with municipal fiscal year 2003, a city or town located within a county
320 to which Subsection (2)(l)(i) applies may increase its certified tax rate to generate within the
321 city or town the same amount of revenue as the county would have collected during county
322 fiscal year 2002 from within the city or town except for Subsection (2)(l)(i)(B).
323 (B) (I) Except as provided in Subsection (2)(l)(ii)(B)(II), an increase in the city or
324 town's certified tax rate under Subsection (2)(l)(ii)(A), whether occurring in a single fiscal year
325 or spread over multiple fiscal years, is subject to the notice and hearing requirements of
326 Sections 59-2-918 and 59-2-919 .
327 (II) For an increase under this Subsection (2)(l)(ii) that generates revenue that does not
328 exceed the same amount of revenue as the county would have collected except for Subsection
329 (2)(l)(i), the requirements of Sections 59-2-918 and 59-2-919 do not apply if the city or town:
330 (Aa) publishes a notice that meets the size, type, placement, and frequency
331 requirements of Section 59-2-919 , reflects that the increase is a shift of a tax from one imposed
332 by the county to one imposed by the city or town, and explains how the revenues from the tax
333 increase will be used; and
334 (Bb) holds a public hearing on the tax shift that may be held in conjunction with the
335 city or town's regular budget hearing.

336 (m) (i) This Subsection (2)(m) applies to each county that:
337 (A) establishes a countywide special service district under Title 17A, Chapter 2, Part
338 13, Utah Special Service District Act, to provide jail service, as provided in Subsection
339 17A-2-1304 (1)(a)(x); and
340 (B) levies a property tax on behalf of the special service district under Section
341 17A-2-1322 .
342 (ii) (A) The certified tax rate of each county to which this Subsection (2)(m) applies
343 shall be decreased by the amount necessary to reduce county revenues by the same amount of
344 revenues that will be generated by the property tax imposed on behalf of the special service
345 district.
346 (B) Each decrease under Subsection (2)(m)(ii)(A) shall occur contemporaneously with
347 the levy on behalf of the special service district under Section 17A-2-1322 .
348 (n) (i) As used in this Subsection (2)(n):
349 (A) "Annexing county" means a county whose unincorporated area is included within a
350 fire district by annexation.
351 (B) "Annexing municipality" means a municipality whose area is included within a fire
352 district by annexation.
353 (C) "Equalized fire protection tax rate" means the tax rate that results from:
354 (I) calculating, for each participating county and each participating municipality, the
355 property tax revenue necessary to cover all of the costs associated with providing fire
356 protection, paramedic, and emergency services:
357 (Aa) for a participating county, in the unincorporated area of the county; and
358 (Bb) for a participating municipality, in the municipality; and
359 (II) adding all the amounts calculated under Subsection (2)(n)(i)(C)(I) for all
360 participating counties and all participating municipalities and then dividing that sum by the
361 aggregate taxable value of the property, as adjusted in accordance with Section 59-2-913 :
362 (Aa) for participating counties, in the unincorporated area of all participating counties;
363 and
364 (Bb) for participating municipalities, in all the participating municipalities.
365 (D) "Fire district" means a county service area under Title 17A, Chapter 2, Part 4,
366 County Service Area Act, in the creation of which an election was not required under

367 Subsection 17B-2-214 (3)(c).
368 (E) "Fire protection tax rate" means:
369 (I) for an annexing county, the property tax rate that, when applied to taxable property
370 in the unincorporated area of the county, generates enough property tax revenue to cover all the
371 costs associated with providing fire protection, paramedic, and emergency services in the
372 unincorporated area of the county; and
373 (II) for an annexing municipality, the property tax rate that generates enough property
374 tax revenue in the municipality to cover all the costs associated with providing fire protection,
375 paramedic, and emergency services in the municipality.
376 (F) "Participating county" means a county whose unincorporated area is included
377 within a fire district at the time of the creation of the fire district.
378 (G) "Participating municipality" means a municipality whose area is included within a
379 fire district at the time of the creation of the fire district.
380 (ii) In the first year following creation of a fire district, the certified tax rate of each
381 participating county and each participating municipality shall be decreased by the amount of
382 the equalized fire protection tax rate.
383 (iii) In the first year following annexation to a fire district, the certified tax rate of each
384 annexing county and each annexing municipality shall be decreased by the fire protection tax
385 rate.
386 (iv) Each tax levied under this section by a fire district shall be considered to be levied
387 by:
388 (A) each participating county and each annexing county for purposes of the county's
389 tax limitation under Section 59-2-908 ; and
390 (B) each participating municipality and each annexing municipality for purposes of the
391 municipality's tax limitation under Section 10-5-112 , for a town, or Section 10-6-133 , for a
392 city.
393 (o) For the calendar year beginning on January 1, 2007, and ending on December 31,
394 2007, a taxing entity's certified tax rate shall be adjusted by the amount necessary to offset any
395 increase or decrease in the certified tax rate that may result from the exemption of personal
396 property assessed by a county assessor from the certified tax rate under Subsection (2)(a)
397 enacted by the Legislature during the 2006 Annual General Session.

398 (3) (a) On or before June 22, each taxing entity shall annually adopt a tentative budget.
399 (b) If the taxing entity intends to exceed the certified tax rate, it shall notify the county
400 auditor of:
401 (i) its intent to exceed the certified tax rate; and
402 (ii) the amount by which it proposes to exceed the certified tax rate.
403 (c) The county auditor shall notify all property owners of any intent to exceed the
404 certified tax rate in accordance with Subsection 59-2-919 (2).
405 (4) (a) The taxable value for the base year under Subsection 17B-4-102 (4) shall be
406 reduced for any year to the extent necessary to provide a redevelopment agency established
407 under Title 17B, Chapter 4, Redevelopment Agencies Act, with approximately the same
408 amount of money the agency would have received without a reduction in the county's certified
409 tax rate if:
410 (i) in that year there is a decrease in the certified tax rate under Subsection (2)(c) or
411 (2)(d)(i);
412 (ii) the amount of the decrease is more than 20% of the county's certified tax rate of the
413 previous year; and
414 (iii) the decrease results in a reduction of the amount to be paid to the agency under
415 Section 17B-4-1003 or 17B-4-1004 .
416 (b) The base taxable value under Subsection 17B-4-102 (4) shall be increased in any
417 year to the extent necessary to provide a redevelopment agency with approximately the same
418 amount of money as the agency would have received without an increase in the certified tax
419 rate that year if:
420 (i) in that year the base taxable value under Subsection 17B-4-102 (4) is reduced due to
421 a decrease in the certified tax rate under Subsection (2)(c) or (2)(d)(i); and
422 (ii) The certified tax rate of a city, school district, or special district increases
423 independent of the adjustment to the taxable value of the base year.
424 (c) Notwithstanding a decrease in the certified tax rate under Subsection (2)(c) or
425 (2)(d)(i), the amount of money allocated and, when collected, paid each year to a
426 redevelopment agency established under Title 17B, Chapter 4, Redevelopment Agencies Act,
427 for the payment of bonds or other contract indebtedness, but not for administrative costs, may
428 not be less than that amount would have been without a decrease in the certified tax rate under

429 Subsection (2)(c) or (2)(d)(i).
430 Section 4. Effective date.
431 This bill takes effect on January 1, 2007.