Bill > HB0428

This bill modifies provisions related to property tax calculations and public education funding, specifically focusing on the minimum basic tax rate and related financial mechanisms for Utah's school districts. The bill establishes a new consensus-based approach for determining tax rates, requiring the State Tax Commission, Governor's Office of Planning and Budget, and Legislative Fiscal Analyst to jointly certify minimum basic and WPU (Weighted Pupil Unit) value tax rates. For the fiscal year beginning July 1, 2024, the minimum basic local amount is set at $759,529,000, with a preliminary minimum basic tax rate of 0.001429. The bill also expands the Public Education Economic Stabilization Restricted Account's funding and usage, allowing it to support the minimum basic local amount if existing tax rates are insufficient to generate the required revenue. Additionally, the bill introduces new collaborative processes for tax rate determination and provides mechanisms for allocating funds to support public education, with a specific focus on ensuring stable funding for school districts. The bill is set to take effect on May 7, 2025, and represents a technical refinement of Utah's educational funding and property tax calculation methods.

Budget and Finance

https://le.utah.gov/~2025/bills/static/HB0428.html