| (1) |
A town may account separately for the revenues derived from a property tax, that is lawfully levied for a specific purpose, in accordance with this section. |
Terms Used In Utah Code 10-5-112.4
- Fund: is a s defined by the Governmental Accounting Standards Board as reflected in the Uniform Accounting Manual for All Local Governments prepared by the Office of the Utah State Auditor. See Utah Code 10-5-102.5
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Town: means a municipality classified by population as a town under Section 10-2-301. See Utah Code 10-1-104
| (2) |
To levy a property tax under this section, the legislative body of the town that levies the property tax shall indicate through ordinance:
| (a) |
that the town levies the tax under this section; and |
| (b) |
the specific service for which the town levies the tax. |
|
| (3) |
A property tax levied under this section is subject to the maximum rate a town may levy for property taxes under Section 10-5-112. |
| (4) |
| (a) |
A town that collects a property tax under this section shall:
| (i) |
create a special revenue fund to hold the revenues collected under this section; and |
| (ii) |
deposit revenues collected from that tax into the special revenue fund described in Subsection (4)(a)(i). |
|
| (b) |
A town may only expend revenues from a special revenue fund described in Subsection (4)(a) for a purpose that is solely related to the provision of the service described in Subsection (2)(b) for which the town created the special revenue fund. |
|
| (5) |
Except as provided in Subsections (2) and (4), a town that levies a property tax under this section shall:
| (b) |
account for revenues derived from the tax in accordance with this chapter; and |
| (c) |
levy and collect and account for revenues derived from the tax in the same general manner as for the town’s other property taxes. |
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Enacted by Chapter 301, 2019 General Session
