 | Fiscal NoteS.B. 97 2026 General Session Property Tax Rate Amendments by McCay, Daniel |  |
| Ongoing | One-time | Total | |
|---|---|---|---|
| Net GF/ITF/USF (rev.-exp.) | $(130,200) | $(33,700) | $(163,900) |
| Revenues | FY2026 | FY2027 | FY2028 |
| Total Revenues | $0 | $0 | $0 |
Enactment of this legislation likely will not materially impact state revenue.
| Expenditures | FY2026 | FY2027 | FY2028 |
| Income Tax Fund | $0 | $130,200 | $130,200 |
| Income Tax Fund, One-time | $31,000 | $2,700 | $0 |
| Total Expenditures | $31,000 | $132,900 | $130,200 |
Enactment of this legislation could cost the Tax Commission an estimated $31,000 one-time from the Income Tax Fund in FY 2026 for programming changes and updates to related instructions, forms, and processes; enactment of this legislation could also cost the Tax Commission an estimated $2,700 one-time in FY 2027 from the Income Tax Fund and $130,200 ongoing from the Income Tax Fund beginning in FY 2027 for an additional compliance and review FTE.
| FY2026 | FY2027 | FY2028 | |
| Net All Funds (rev-exp) | $(31,000) | $(132,900) | $(130,200) |
Enactment of this legislation could reduce property tax revenue to project area taxing entities by approximately $17,870,000 ongoing in aggregate beginning in FY 2027; impacts to individual entities will vary. Enactment of this legislation could also result in forgone property tax revenue to local taxing entities to the extent that such entities would otherwise increase revenue in excess of 5% year over year; the aggregate impact is unknown. To the extent that certain property improvements may no longer be considered as new growth, enactment of this legislation could reduce property tax revenue to local taxing entities; the aggregate impact is unknown.
Enactment of this legislation could reduce property taxes paid by businesses and individuals within project area taxing entities by approximately $17,870,000 ongoing in aggregate beginning in FY 2027. A homeowner with property worth $500,000 may see an average reduction of approximately $9 per year, and a business owner of a property worth $1 million may see an average reduction of $34 per year; individual impacts will vary. Enactment of this legislation could also result in forgone property taxes paid by businesses and individuals to the extent that taxing entities would otherwise increase revenue in excess of 5% year over year; the aggregate impact is unknown. To the extent that certain property improvements may no longer be considered as new growth, enactment of this legislation could reduce property taxes paid by businesses and individuals; 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.