 | Fiscal Note4th Sub. S.B. 78 (Pumpkin) 2026 General Session Property Tax Relief Amendments by McCay, Daniel |  |
| Ongoing | One-time | Total | |
|---|---|---|---|
| Net GF/ITF/USF (rev.-exp.) | $230,000 | $(5,800) | $224,200 |
| Revenues | FY2026 | FY2027 | FY2028 |
| General Fund | $0 | $9,184,000 | $9,184,000 |
| General Fund, One-time | $0 | $(7,806,000) | $0 |
| Total Revenues | $0 | $1,378,000 | $9,184,000 |
Enactment of this legislation could increase revenue to the General Fund by an estimated $1,378,000 in FY 2027 and $9,184,000 in FY 2028 as a result of the elimination of the renters and homeowners credit.
| Expenditures | FY2026 | FY2027 | FY2028 |
| General Fund | $0 | $8,954,000 | $8,954,000 |
| General Fund, One-time | $0 | $(7,806,000) | $0 |
| Income Tax Fund, One-time | $0 | $5,800 | $5,800 |
| Total Expenditures | $0 | $1,153,800 | $8,959,800 |
Enactment of this legislation could cost the Tax Commission an estimated $5,800 one-time in FY 2027 and FY 2028 from the Income Tax Fund for programming changes and updates to related instructions, forms, and processes. Enactment of this legislation would also appropriate $1,148,000 one-time in FY 2027 and $8,954,000 ongoing beginning in FY 2028 from the General Fund to Department of Government Operations: Finance - Mandated: Property Tax Deferral for a direct award grant.
| FY2026 | FY2027 | FY2028 | |
| Net All Funds (rev-exp) | $0 | $224,200 | $224,200 |
To the extent that no counties enact ordinances for property relief programs, enactment of this legislation could result in tax shifts within counties but no estimated overall change in property tax revenues.
Enactment of this legislation could reduce homeowners and renters credit received by businesses and individuals, in aggregate, by approximately $1.38 million in FY 2027 and $9.18 million beginning in FY 2028 as a result of the elimination of the state credit programs. Enactment of this legislation could also reduce the 20% valuation reduction, indigent abatement, and certain other county relief programs for recipient businesses and individuals, resulting in an estimated increase of approximately $11.8 million in additional property taxes for such businesses and individuals, in aggregate, beginning in FY 2028. This reduction of the valuation reduction and other county relief programs for these businesses and individuals would result in a tax shift and an equivalent total tax reduction for all other businesses and individuals, an estimated $5.81 reduction for an average owner of a $500,000 residence and an estimated $21.12 reduction for an average owner of a $1 million business; individual impacts will vary.
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.