Bill > SB0197

This bill modifies several provisions related to property tax in Utah, with a primary focus on property tax deferral programs for homeowners. The bill introduces two distinct property tax deferral options: a discretionary deferral for homeowners with household incomes up to $50,000, and a nondiscretionary deferral for homeowners who are 65 years or older with household incomes up to $60,000. Under these programs, eligible homeowners can defer a portion of their property taxes, with the deferred amount accumulating as a lien against their property. The bill also adjusts the homeowner's and renter's credits, updates tax notice requirements, and modifies the application process for tax deferrals and abatements. Additionally, the bill includes provisions for how deferred taxes will be handled in various scenarios, such as when a property is sold or transferred to a surviving spouse. The changes are designed to provide more flexible property tax relief options for qualifying homeowners, with the new provisions set to take effect on May 7, 2025, and apply to taxable years beginning on or after January 1, 2025.

Budget and Finance

https://le.utah.gov/~2025/bills/static/SB0197.html