 | Fiscal Note1st Sub. S.B. 78 (Green) 2026 General Session Property Tax Relief Amendments by McCay, Daniel |  |
| Ongoing | One-time | Total | |
|---|---|---|---|
| Net GF/ITF/USF (rev.-exp.) | $7,400,000 | $(7,420,000) | $(20,000) |
| Revenues | FY2026 | FY2027 | FY2028 |
| General Fund | $0 | $7,400,000 | $7,400,000 |
| General Fund, One-time | $0 | $(7,420,000) | $(7,710,000) |
| Total Revenues | $0 | $(20,000) | $(310,000) |
Enactment of this legislation could decrease revenue to the General Fund by an estimated $20,000 in FY 2027 and $680,000 in FY 2028, resulting from changes to the amounts claimed for homeowner's and renter's credit. Enactment of this legislation could also increase revenue to the General Fund by an estimated $370,000 in FY 2028, and increasing annually for twenty years, resulting from changes to eligibility for homeowner's credit.
| Expenditures | FY2026 | FY2027 | FY2028 |
| Total Expenditures | $0 | $0 | $0 |
Enactment of this legislation likely will not materially impact state expenditures.
| FY2026 | FY2027 | FY2028 | |
| Net All Funds (rev-exp) | $0 | $(20,000) | $(310,000) |
To the extent that additional property tax deferrals are claimed, enactment of this legislation could increase the amount of property taxes being deferred among local governments. Additional deferrals may result in a temporary collection rate shift within a given taxing entity other than a county; the aggregate impact is unknown. Enactment of this legislation could reduce interest revenue among taxing entities collected from delinquent taxes due from individuals over 65 years old resulting from a lower interest rate; the aggregate impact is unknown.
Enactment of this legislation could result in a property tax shift among businesses and individuals of approximately $200,000 in aggregate beginning in FY 2028 resulting from temporarily expanded eligibility for homeowner's credit; individual impacts will vary. Enactment of this legislation could also result in an increase in renter's and homeowner's tax credit received by businesses and individuals of approximately $20,000 in FY 2027 and $680,000 in FY 2028. To the extent that individuals who would otherwise have qualified for the homeowner's credit choose to apply for property tax deferrals, enactment of this legislation could result in increased levels of property tax deferrals in aggregate beginning in 2027. Enactment of this legislation could reduce interest paid on delinquent taxes due from individuals over 65 years old resulting from a lower interest rate; the aggregate impact is unknown.
Enactment of this legislation likely will not change the regulatory burden for Utah residents or businesses.
This bill does not create a new program or significantly expand an existing program.