59-2-1602.  Property Tax Valuation Fund — Statewide levy — Additional county levy.

(1) 

Terms Used In Utah Code 59-2-1602

  • Appraisal: A determination of property value.
  • Certified revenue levy: means a property tax levy that provides an amount of ad valorem property tax revenue equal to the sum of:
(i) the amount of ad valorem property tax revenue to be generated statewide in the previous year from imposing a multicounty assessing and collecting levy, as specified in Section 59-2-1602; and
(ii) the product of:
(A) eligible new growth, as defined in Section 59-2-924; and
(B) the multicounty assessing and collecting levy certified by the commission for the previous year. See Utah Code 59-2-102
  • County additional property tax: means the property tax levy described in Subsection 59-2-1602(4). See Utah Code 59-2-1601
  • County legislative body: means :Utah Code 68-3-12.5
  • Fund: means the Property Tax Valuation Fund created in Section 59-2-1602. See Utah Code 59-2-1601
  • Month: means a calendar month, unless otherwise expressed. See Utah Code 68-3-12.5
  • Multicounty assessing and collecting levy: means a property tax levied in accordance with Subsection 59-2-1602(2). See Utah Code 59-2-1601
  • Property: means property that is subject to assessment and taxation according to its value. See Utah Code 59-2-102
  • 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
    • (a)  There is created a custodial fund known as the “Property Tax Valuation Fund.”

    (b)  The fund consists of:

    (i)  deposits made and penalties received under Subsection (3); and

    (ii)  interest on money deposited into the fund.

    (c)  Deposits, penalties, and interest described in Subsection (1)(b) shall be disbursed and used as provided in Section 59-2-1603.

    (2) 

    (a)  Each county shall annually impose a multicounty assessing and collecting levy as provided in this Subsection (2).

    (b)  The tax rate of the multicounty assessing and collecting levy is:

    (i)  for a calendar year beginning on or after January 1, 2022, and before January 1, 2025,.000015; and

    (ii)  for a calendar year beginning on or after January 1, 2025, the certified revenue levy.

    (c)  The state treasurer shall allocate revenue collected from the multicounty assessing and collecting levy as follows:

    (i)  18% of the revenue collected shall be deposited into the Property Tax Valuation Fund, up to $500,000 annually; and

    (ii)  after the deposit described in Subsection (2)(c)(i), all remaining revenue collected from the multicounty assessing and collecting levy shall be deposited into the Multicounty Appraisal Trust.

    (3) 

    (a)  The multicounty assessing and collecting levy imposed under Subsection (2) shall be separately stated on the tax notice as a multicounty assessing and collecting levy.

    (b)  The multicounty assessing and collecting levy is:

    (i)  exempt from Sections 17C-1-403 through 17C-1-406;

    (ii)  in addition to and exempt from the maximum levies allowable under Section 59-2-908; and

    (iii)  exempt from the notice and public hearing requirements of Section 59-2-919.

    (c) 

    (i)  Each county shall transmit quarterly to the state treasurer the revenue collected from the multicounty assessing and collecting levy.

    (ii)  The revenue transmitted under Subsection (3)(c)(i) shall be transmitted no later than the tenth day of the month following the end of the quarter in which the revenue is collected.

    (iii)  If revenue transmitted under Subsection (3)(c)(i) is transmitted after the tenth day of the month following the end of the quarter in which the revenue is collected, the county shall pay an interest penalty at the rate of 10% each year until the revenue is transmitted.

    (d)  The state treasurer shall allocate the penalties received under this Subsection (3) in the same manner as revenue is allocated under Subsection (2)(c).

    (4) 

    (a)  A county may levy a county additional property tax in accordance with this Subsection (4).

    (b)  The county additional property tax:

    (i)  shall be separately stated on the tax notice as a county assessing and collecting levy;

    (ii)  may not be incorporated into the rate of any other levy;

    (iii)  is exempt from Sections 17C-1-403 through 17C-1-406; and

    (iv)  is in addition to and exempt from the maximum levies allowable under Section 59-2-908.

    (c)  Revenue collected from the county additional property tax shall be used to:

    (i)  promote the accurate valuation and uniform assessment levels of property as required by Section 59-2-103;

    (ii)  promote the efficient administration of the property tax system, including the costs of assessment, collection, and distribution of property taxes;

    (iii)  fund state mandated actions to meet legislative mandates or judicial or administrative orders that relate to promoting:

    (A)  the accurate valuation of property; and

    (B)  the establishment and maintenance of uniform assessment levels within and among counties; and

    (iv)  establish reappraisal programs that:

    (A)  are adopted by a resolution or ordinance of the county legislative body; and

    (B)  conform to rules the commission makes in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.

    Amended by Chapter 239, 2022 General Session
    Amended by Chapter 451, 2022 General Session

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