UtahS.B. 2952025 General SessionSenateWALLET

Property Tax Modifications

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 1 costs, 1 mixed.

Counties redirect yearly property appraisal tax funding

Beginning January 1, 2026, each Utah county must impose the multicounty assessing and collecting levy annually at the certified revenue levy rate. All revenue goes to the Multicounty Appraisal Trust; previously, 18%, capped at $500,000 yearly, went to the Property Tax Valuation Fund. The law gives no specific rate or change in household bills. On July 1, 2030, the Property Tax Valuation Fund's allocation and spending rules are repealed. That repeal does not itself abolish the fund or explain how its money is handled afterward.

Some local tax budgets skip public hearings

Effective May 7, 2025, Utah taxing entities gain an exemption from the usual truth-in-taxation notice and hearing process. The truth-in-taxation changes apply back to January 1, 2025. During a six-year period beginning in the base year, budgets must stay at or below base-year property-tax budgeted revenue. The base year is the fiscal year before the entity first budgeted less property-tax revenue than the prior year. The base-year revenue amount excludes eligible new growth. This gives taxing entities more budget flexibility but removes the usual public process for qualifying budgets; it does not set household bills.

Sponsors & Cosponsors

Sponsor

Daniel McCay
Republican • Senate

Cosponsors

Steve Eliason
Republican • House

Roll Call Votes

All Roll Calls

Yes: 169 • No: 0

House vote • 3/7/2025

House/ passed 3rd reading

Yes: 67 • No: 0

Senate vote • 3/7/2025

Senate/ concurs with House amendment

Yes: 26 • No: 0

House vote • 3/3/2025

House Comm - Favorable Recommendation

Yes: 10 • No: 0

House vote • 3/3/2025

House Comm - Substitute Recommendation

Yes: 10 • No: 0

Senate vote • 2/25/2025

Senate/ passed 3rd reading

Yes: 24 • No: 0

Senate vote • 2/24/2025

Senate/ passed 2nd reading

Yes: 24 • No: 0

Senate vote • 2/20/2025

Senate Comm - Substitute Recommendation

Yes: 4 • No: 0