2006 Utah Code - 59-2-906.2 — Disbursement of monies in the Property Tax Valuation Agency Fund -- Use of funds.

     59-2-906.2.   Disbursement of monies in the Property Tax Valuation Agency Fund -- Use of funds.
     (1) Beginning January 1, 1994, the state auditor shall authorize disbursement of money from the Property Tax Valuation Agency Fund to each county as follows:
     (a) subject to Subsection (6), each county of the first class shall receive a disbursement of 94.5% of the funds transmitted to the Property Tax Valuation Agency Fund by such counties; and
     (b) subject to Subsection (7), money derived from funds transmitted by counties of the second through sixth class and any remaining monies not distributed under Subsection (1)(a) shall be disbursed pro rata to counties of the second through sixth class based upon the number of adjusted parcel units in each county as determined in Subsection (2).
     (2) (a) The number of adjusted parcel units in a county shall be determined by multiplying the sum of the following by the county parcel factor:
     (i) the number of residential parcels multiplied by 2;
     (ii) the number of commercial parcels multiplied by 4; and
     (iii) the number of all other parcels multiplied by 1.
     (b) For purposes of this subsection, the county parcel factor is:
     (i) 0.9 for counties of the second class;
     (ii) 1.0 for counties of the third class;
     (iii) 1.05 for counties of the fourth class;
     (iv) 1.15 for counties of the fifth class; and
     (v) 1.3 for counties of the sixth class.
     (3) Money in the Property Tax Valuation Agency Fund on the 10th day of the month following the end of the quarter in which the revenue is collected shall, upon authorization by the state auditor, be transmitted by the state treasurer according to the disbursement formula determined under Subsection (2) no later than five working days after the 10th day of the month following the end of the quarter in which the revenue is collected.
     (4) If money in the Property Tax Valuation Agency Fund on the 10th day of the month following the end of the quarter in which the revenue is collected is not transmitted to a county within five working days of the 10th day of that month, except as provided for in Subsection (3), income from the investment of that money shall be:
     (a) deposited in and become part of the Property Tax Valuation Agency Fund; and
     (b) disbursed to the county in the next quarter.
     (5) A county shall use money disbursed from the Property Tax Valuation Agency Fund for:
     (a) establishing and maintaining accurate property valuations and uniform assessment levels as required by Section 59-2-103; and
     (b) improving the efficiency of the property tax system.
     (6) (a) For purposes of this Subsection (6), "retained funds" means the difference between:
     (i) the funds transmitted by a county of the first class to the Property Tax Valuation Agency Fund under Subsection (1)(a); and
     (ii) the disbursement described in Subsection (1)(a).
     (b) Notwithstanding Subsection (1)(a), if the retained funds are:
     (i) less than $250,000, the disbursement described in Subsection (1)(a) shall be reduced by the difference between:

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     (A) $250,000; and
     (B) the retained funds; and
     (ii) more than $500,000, the disbursement described in Subsection (1)(a) shall be increased by the difference between:
     (A) the retained funds; and
     (B) $500,000.
     (7) Notwithstanding Subsection (1)(b):
     (a) if the amount transmitted under Subsection (1)(b) by a county of the second class is:
     (i) less than $100,000, the amount disbursed under Subsection (1)(b) to a county of the second class shall be reduced by the difference between:
     (A) $100,000; and
     (B) the amount transmitted under Subsection (1)(b) by a county of the second class; and
     (ii) more than $250,000, the amount disbursed under Subsection (1)(b) to a county of the second class shall be increased by the difference between:
     (A) the amount transmitted under Subsection (1)(b) by a county of the second class; and
     (B) $250,000;
     (b) if the amount transmitted under Subsection (1)(b) by a county of the third class is more than $250,000, the amount disbursed under Subsection (1)(b) to a county of the third class shall be increased by the difference between:
     (i) the amount transmitted under Subsection (1)(b) by a county of the third class; and
     (ii) $250,000;
     (c) if the amount transmitted under Subsection (1)(b) by a county of the fourth class is more than $100,000, the amount disbursed under Subsection (1)(b) to a county of the fourth class shall be increased by the difference between:
     (i) the amount transmitted under Subsection (1)(b) by a county of the fourth class; and
     (ii) $100,000; and
     (d) the amount disbursed under Subsection (1)(b) to a county of the fifth or sixth class shall not be less than the amount transmitted under Subsection (1)(b) by a county of the fifth or sixth class.

Amended by Chapter 195, 2005 General Session