the total property tax collections from April 1 through the following March 31 for a school district for the calendar year preceding the March 31 date; divided by
(b)
the school district's total tax rate for the calendar year preceding the March 31 referenced in Subsection (4)(a). See Utah Code 53F-3-102
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
Highest combined capital levy rate: means the highest combined capital levy rate imposed by a school district within the state for a fiscal year. See Utah Code 53F-3-102
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2)
“Base tax effort rate” means the average of:
(a)
the highest combined capital levy rate; and
(b)
the average combined capital levy rate for the school districts statewide.
(3)
“Combined capital levy rate” means a rate that includes the sum of the following property tax levies:
(a)
(i)
the debt service levy authorized in Section 11-14-310; and
(ii)
the voted capital outlay leeway authorized in Section 53F-8-402; or
(b)
(i)
the capital local levy authorized in Section 53F-8-303; and
(ii)
the debt service levy authorized in Section 11-14-310.
(4)
“Derived net taxable value” means the quotient of:
(a)
the total property tax collections from April 1 through the following March 31 for a school district for the calendar year preceding the March 31 date; divided by
(b)
the school district’s total tax rate for the calendar year preceding the March 31 referenced in Subsection (4)(a).
(5)
“Highest combined capital levy rate” means the highest combined capital levy rate imposed by a school district within the state for a fiscal year.
(6)
“Property tax base per ADM” means the quotient of:
(a)
a school district’s derived net taxable value; divided by
(b)
the school district’s ADM.
(7)
“Property tax yield per ADM” means:
(a)
the product of:
(i)
a school district’s derived net taxable value; and
(ii)
the base tax effort rate; divided by
(b)
the school district’s ADM.
(8)
“Statewide average property tax base per ADM” means the quotient of:
(a)
the sum of all school districts’ derived net taxable value; divided by
(b)
the sum of all school districts’ ADM.
Renumbered and Amended by Chapter 2, 2018 General Session Amended by Chapter 456, 2018 General Session
