2006 Utah Code - 59-2-906.1 — Property Tax Valuation Agency Fund -- Creation -- Statewide levy -- Additional county levy permitted.

     59-2-906.1.   Property Tax Valuation Agency Fund -- Creation -- Statewide levy -- Additional county levy permitted.
     (1) (a) There is created the Property Tax Valuation Agency Fund, to be funded by a multicounty assessing and collecting levy not to exceed .0002 as provided in Subsection (2).
     (b) The multicounty assessing and collecting levy under Subsection (1)(a) shall be imposed annually by each county in the state.
     (c) The purpose of the multicounty assessing and collecting levy created under Subsection (1)(a) and the disbursement formulas established in Section 59-2-906.2 is to promote the:
     (i) accurate valuation of property;
     (ii) establishment and maintenance of uniform assessment levels within and among counties; and
     (iii) efficient administration of the property tax system, including the costs of assessment, collection, and distribution of property taxes.
     (d) Income derived from the investment of money in the fund created in this Subsection (1) shall be deposited in and become part of the fund.
     (2) (a) Subject to Subsections (2)(b), (5), and (6), in order to fund the Property Tax Valuation Agency Fund, the Legislature shall authorize the amount of the multicounty assessing and collecting levy.
     (b) The multicounty assessing and collecting levy may not exceed the certified revenue levy as defined in Section 59-2-102, unless:
     (i) the Legislature authorizes a multicounty assessing and collecting levy that exceeds the certified revenue levy; and
     (ii) the state complies with the notice requirements of Section 59-2-926.
     (3) (a) The multicounty assessing and collecting levy authorized by the Legislature under Subsection (2) shall be separately stated on the tax notice as a multicounty assessing and collecting levy.
     (b) The multicounty assessing and collecting levy authorized by the Legislature under Subsection (2) is:
     (i) exempt from the provisions of Sections 17C-1-403 and 17C-1-404;
     (ii) in addition to and exempt from the maximum levies allowable under Section 59-2-908; and
     (iii) exempt from the notice requirements of Sections 59-2-918 and 59-2-919.
     (c) (i) Each county shall transmit quarterly to the state treasurer the portion of the .0002 multicounty assessing and collecting levy which is above the amount to which that county is entitled to under Section 59-2-906.2.
     (ii) The revenue transmitted under Subsection (3)(c)(i) shall be transmitted no later than the tenth day of the month following the end of the quarter in which the revenue is collected.
     (iii) If revenue transmitted under Subsection (3)(c)(i) is transmitted after the tenth day of the month following the end of the quarter in which the revenue is collected, the county shall pay an interest penalty at the rate of 10% each year until the revenue is transmitted.
     (iv) Each county that transmits to the state treasurer a portion of the .0002 multicounty assessing and collecting levy in accordance with Subsection (3)(c) shall levy sufficient property taxes to fund its county assessing and collecting budgets.
     (d) The state treasurer shall deposit in the Property Tax Valuation Agency Fund the:

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     (i) revenue from the multicounty assessing and collecting levy;
     (ii) interest accrued from that levy; and
     (iii) penalties received under Subsection (3)(c)(iii).
     (4) (a) A county may levy an additional property tax in accordance with this Subsection (4).
     (b) A county may not receive funds from the Property Tax Valuation Agency Fund unless the county levies an additional property tax of at least .0003 per dollar of taxable value of taxable property as reported by each county.
     (c) The levy described in Subsection (4)(a) shall be levied by the county and stated on the tax notice as a county assessing and collecting levy.
     (d) The purpose of the levy established in this Subsection (4) is to promote the:
     (i) accurate valuation of property;
     (ii) establishment and maintenance of uniform assessment levels within and among counties; and
     (iii) efficient administration of the property tax system, including the costs of assessment, collection, and distribution of property taxes.
     (e) A levy established in Subsection (4)(a) is:
     (i) exempt from the provisions of Sections 17C-1-403 and 17C-1-404;
     (ii) in addition to and exempt from the maximum levies allowable under Section 59-2-908; and
     (iii) beginning on January 1, 2006, subject to the notice and hearing requirements of Sections 59-2-918 and 59-2-919 if the levy is raised to a rate in excess of .0003.
     (5) (a) As used in this Subsection (5) and Subsection (6), "receiving county" means a county that receives a disbursement from the Property Tax Valuation Agency Fund in accordance with Section 59-2-906.2.
     (b) Subject to Subsection (7), for the calendar year beginning on January 1, 2006, the amount of the multicounty assessing and collecting levy described in this section shall be set at an amount that is equal to the difference between:
     (i) the amount of revenue collected from the multicounty assessing and collecting levy during the calendar year beginning on January 1, 2004; and
     (ii) the amount of revenue budgeted:
     (A) by each receiving county for the calendar year beginning on January 1, 2006; and
     (B) for the county levy described in Subsection (4)(a).
     (6) Subject to Subsection (7), for calendar years beginning on or after January 1, 2007, the amount of the multicounty assessing and collecting levy described in this section shall be reduced by an amount equal to the difference between:
     (a) the amount of revenue budgeted:
     (i) by each receiving county for that calendar year; and
     (ii) for the county levy described in Subsection (4)(a); and
     (b) the amount of revenue budgeted:
     (i) by each receiving county for the calendar year immediately preceding the calendar year described in Subsection (6)(a); and
     (ii) for the county levy described in Subsection (4)(a).
     (7) The amounts described in the calculations required by Subsections (5) and (6) are exclusive of new growth.

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Amended by Chapter 67, 2006 General Session
Amended by Chapter 359, 2006 General Session