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Senate adopts substitute bill to adjust school-levy and homeowner exemptions to soften AMAC-related property-tax impact
Summary
The Utah Senate passed a substitute for Senate Bill 90 to adjust school levy rates and increase the homeowner exemption so homeowners are held harmless statewide while partially offsetting impacts on locally assessed businesses; the measure also requires county tax notices to note the Legislature reduced the minimum basic tax rate by $8,500,000.
Senators on the Utah Senate floor passed the first substitute to Senate Bill 90 on Feb. 25, 1994, after sponsor Senator Leonard Blackham described changes intended to blunt the fiscal effects of a proposed 5% intangible reinstatement tied to the AMAC situation. The substitute shifts the approach from reinstating an intangible tax to adjusting the school levy rate and increasing the homeowner exemption.
"This bill is the one that we're gonna go in and adjust the property taxes," Senator…
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