Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Property Tax topic
No spam. Unsubscribe anytime.
House passes property-tax adjustment bill aimed at relieving homeowner tax shocks
Summary
Second Substitute HB 2-58 passed the House to create a floating levy mechanism for the uniform school fund, clarify state tax commission powers, and require a public notice after session; sponsors said the bill is intended as a homeowner 'shock absorber' amid rapidly rising property values.
The Utah House passed Second Substitute House Bill 2-58 on Feb. 22, 1995, a package intended to address rapid property-value increases and soften the tax impact on homeowners. Sponsors described the bill as one of the session's principal measures to respond to property-tax pressures.
Representative Homesaker, presenting the bill, said it does three primary things: it creates a mechanism to allow the certified revenue levy for the uniform school fund to "float" so revenue calculations account for factoring and growth; it clarifies the powers and responsibilities of the State Tax Commission and counties in assessment and levy matters; and it requires public notice of legislative action affecting the uniform school fund within ten days after the session. The bill also includes a coordination clause to avoid duplication with a companion Senate measure (Senate Bill 2-58).
Sponsors and task-force members stressed the bill's role as a "shock absorber" for homeowners facing rapid increases in assessed values and noted it should be considered with other relief measures (residential exemptions, targeted tax cuts). Members and floor leaders praised the effort of a cross-party task force and urged passage; the House adopted amendments contained on the floor and passed the bill for transmission to the Senate.
Next steps: HB 2-58 will be transmitted to the Senate; sponsors indicated coordination with the Senate bill and follow-up work by the task force to finalize implementation details.
