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Panel approves substitute to clarify management and oversight of multicounty appraisal funds
Summary
The committee adopted and favorably recommended a substitute to SB 206 that renames the 'trust' structure, routes funds through Division of Finance, and adds reporting and oversight steps for the statewide property tax system administered by the Multicounty Appraisal Trust (MCAT).
The Senate Revenue and Taxation Committee adopted a first substitute to Senate Bill 206 on Feb. 2, 2026, to clarify how the statewide property tax system’s funds are managed and overseen.
Senator Harper introduced the substitute, describing it as a technical cleanup that replaces language referring to a 'trust' with the term 'fund manager' and transfers fund flow and oversight responsibilities to the Division of Finance. County representatives and stakeholders said the change is intended to clarify accountability between the Multicounty Appraisal Trust (MCAT), the association named as trustee, and the Utah Association of Counties (UAC).
A county representative identified in committee as Brandy Grace said the substitute requires the association to submit a budget, increases accountability, and requires annual reporting to the interim committee each October on progress toward a statewide property-valuation system.
Chair McKay asked the committee to adopt the substitute; the committee recorded adoption and subsequently voted to favorably recommend the substituted bill with a tally announced as 3 to 0.
The committee noted that assets counties have already contributed will continue to be used and that the change is meant to clarify management and reporting, not to change substantive program assets or goals.
