59-2-1603. Allocation of money in the Property Tax Valuation Fund — Use of funds.
| (1) |
The state auditor shall annually conduct a study of each county of the fourth, fifth, or sixth class to determine:
Terms Used In Utah Code 59-2-1603- Fund: means the Property Tax Valuation Fund created in Section 59-2-1602. 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) |
the costs of assessing and collecting property taxes; |
| (b) |
the ability to generate revenue from an assessing and collecting levy; and |
| (c) |
the tax burden of levying a property tax sufficient to cover the costs of assessing and collecting property taxes. |
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| (3) |
The rules described in Subsection (2) shall give priority in the allocation of money in the Property Tax Valuation Fund to the counties of the fourth, fifth, or sixth class that the state auditor determines:
| (a) |
in accordance with the study required by Subsection (1), to have the highest tax burden; or |
| (b) |
to have the greatest need to improve:
| (i) |
the accurate valuation and uniform assessment levels of property as required by Section 59-2-103; or |
| (ii) |
the efficiency of the property tax system. |
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| (4) |
A county shall use money disbursed from the Property Tax Valuation Fund to:
| (a) |
offset the costs of assessing and collecting property taxes; |
| (b) |
improve the accurate valuation and uniform assessment levels of property as required by Section 59-2-103; or |
| (c) |
improve the efficiency of the property tax system. |
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| (5) |
If money remains in the fund after all allocations have been distributed to receiving counties in a calendar year, the state auditor shall retain the money in the fund for distribution the following calendar year. |
Amended by Chapter 451, 2022 General Session
