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7 LONG TITLE
8 General Description:
9 This bill requires an accounting of risk related to changes in value of property the State
10 Tax Commission assesses.
11 Highlighted Provisions:
12 This bill:
13 ▸ requires each county to conduct an accounting of risk to the county from changes in
14 valuation in property the State Tax Commission assesses;
15 ▸ provides the timelines for conducting the accounting and reporting the results of the
16 accounting to the Legislature; and
17 ▸ authorizes a county to engage assistance to conduct the accounting.
18 Money Appropriated in this Bill:
19 None
20 Other Special Clauses:
21 None
22 Utah Code Sections Affected:
23 ENACTS:
24 59-2-218, Utah Code Annotated 1953
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26 Be it enacted by the Legislature of the state of Utah:
27 Section 1. Section 59-2-218 is enacted to read:
28 59-2-218. Accounting of risk to county from property assessed by commission.
29 (1) As used in this section:
30 (a) "Centrally assessed property" means real and personal property assessed by the
31 commission in accordance with this part.
32 (b) "Committee" means the Revenue and Taxation Interim Committee.
33 (2) Beginning in 2024 and every three years after 2024, each county shall conduct an
34 accounting of:
35 (a) the volatility of valuation in centrally assessed property from which the county
36 receives property tax revenue;
37 (b) the impact of the centrally assessed new growth benchmark to the county; and
38 (c) the risks of a loss in value in centrally assessed property to other taxpayers within
39 the county.
40 (3) Each county shall submit the results of the accounting to the committee in a written
41 electronic report on or before October 1 of the year in which the county completes an
42 accounting.
43 (4) A county may engage an association that represents two or more counties in the
44 state to:
45 (a) complete the accounting; and
46 (b) report the accounting results to the committee.
47 Section 2. Effective date.
48 This bill takes effect on May 1, 2024.