Bill > SB0097

This bill modifies existing Utah law to adjust limits on how much money cities and counties can keep in their general funds, with cities' limits varying based on their total revenue, and counties' limits now tied to 100% of their prior year's budgeted property tax revenue. It also changes the residential property tax exemption to a flat 45% reduction in value for all qualifying residential properties, regardless of the number of units or whether a tenant resides there, and introduces new provisions for how business entities receiving residential exemptions will share information with a "Multicounty Appraisal Trust" (or "program manager" if another bill passes) to prevent duplicate exemptions. Additionally, for cities, any excess fund balance above a certain threshold will be used to reduce their budgeted property tax revenue starting in fiscal year 2031, impacting how their certified tax rate is calculated. The bill also clarifies definitions related to property tax calculations and includes a coordination clause for potential amendments if other related bills are also passed.

Budget and Finance

https://le.utah.gov/~2026/bills/static/SB0097.html