17C-1-1005. Agency property tax levy — Budget — Accounting for property tax revenue.
(1)
Terms Used In Utah Code 17C-1-1005
Project area: means the geographic area described in a project area plan within which the project area development described in the project area plan takes place or is proposed to take place. See Utah Code 17C-1-102
Project area incremental revenue: means the amount of revenue generated by the incremental value that a taxing entity receives after a project area funds collection period ends. See Utah Code 17C-1-1001
Property tax revenue: means the amount of revenue generated by an agency from the property within the agency using the current taxable value of the property and the agency's certified tax rate. See Utah Code 17C-1-1001
Taxing entity: means a public entity that:
(a)
levies a tax on property located within a project area; or
Each agency that levies and collects property tax under this part shall levy and collect the property tax in accordance with Title 59, Chapter 2, Property Tax Act.
(b)
Except as provided in Subsection (1)(c), an agency, at a regular meeting or special meeting called for that purpose, shall, by resolution, set the property tax rate by the date described in Section 59-2-912.
(c)
An agency may set the rate described in Subsection (1)(b) at an appropriate later date in accordance with Sections 59-2-919 through 59-2-923.
(2)
(a)
An agency shall include in the agency’s budget any project area incremental revenue transferred by an eligible taxing entity under this part.
(b)
The amount of project area incremental revenue described in Subsection (2)(a) plus the ad valorem property tax revenue that the agency budgeted for the prior year shall constitute the basis for determining the property tax levy that the agency sets for the corresponding tax year.
(3)
(a)
An agency shall create a property tax revenue fund and separately account for property tax revenue generated under this part.
(b)
An agency shall include revenue and expenditures of the property tax revenue fund described in Subsection (3)(a) in the annual budget adopted in accordance with Section 17C-1-601.5.
