SB 206 — Tax Amendments

(1)(1)(a) (a) A municipality may receive tax increment and use home ownership promotion zone funds in accordance with this section.

(3) - 87 - SB0206S.B. compared with SB0206S04 (a) Tax increment distributed to a municipality in accordance with Subsection (2) is not revenue of the taxing entity or municipality, but home ownership promotion zone funds.

206 Enrolled Copy (3)(a) Tax increment distributed to a municipality in accordance with Subsection (2) is not revenue of the taxing entity or municipality, but home ownership promotion zone funds.

(4)(4)(a) (a) A municipality or agency shall use home ownership promotion zone funds within, or for the direct benefit of, the home ownership promotion zone.

(6) Home ownership promotion zone funds may be paid to a participant, if the municipality and participant enter into a participation agreement which requires the participant to [utilize][ utilize] use the home ownership promotion zone funds as allowed in this section.

- 98 - SB0206Enrolled comparedCopy withS.B. SB0206S04 (a) create one or more public infrastructure districts within a home ownership promotion zone under Title 17D, Chapter 4, Public Infrastructure District Act;

206 (a) create one or more public infrastructure districts within a home ownership promotion zone under Title 17D, Chapter 4, Public Infrastructure District Act;

11-58-803.11-58-803 (Effective 05/06/26).

(1)(1)(a) (a) On or before November 1 of each year, the authority shall prepare and file a report with the county auditor of each county in which the authority jurisdictional land is located, the State Tax Commission, the State Board of Education, and each taxing entity that levies a tax on property from which the authority collects property tax differential.

- 10 - SB0206 compared with SB0206S04 (4) The authority shall comply with the requirements described in Title 59, Chapter 35, Tax Increment- Financing9 Reporting.- S.B.

206 Enrolled Copy Increment Financing Reporting.

11-59-208.11-59-208 (Effective 05/06/26) (Repealed 01/01/29).

- 1110 - SB0206Enrolled comparedCopy withS.B. SB0206S04 (3) A county that collects property tax on property within the county in which the point of the mountain state land is located shall pay and distribute to the authority the amount of property tax augmentation that the authority is entitled to collect under Subsection (2), in the manner and at the time provided in Section 59-2-1365.

206 (3) A county that collects property tax on property within the county in which the point of the mountain state land is located shall pay and distribute to the authority the amount of property tax augmentation that the authority is entitled to collect under Subsection (2), in the manner and at the time provided in Section 59-2-1365.

11-70-401.11-70-401 (Effective 05/06/26).

(4)(4)(a) (a) For purposes of this section, the fairpark district may designate an improved portion of a parcel in a project area as a separate parcel.

(5) A host municipality shall be paid a minimum of 25% of the enhanced property tax revenue generated by a property tax imposed by the host municipality to reimburse the host municipality for services the host municipality provides to a project area in accordance with Subsection 11-70-206(6)11-70-206(6)(c), - 12 - SB0206 compared with SB0206S04 (c), with the exact amount determined in an agreement- between11 the- hostS.B. municipality and the fairpark district.

206 Enrolled Copy agreement between the host municipality and the fairpark district.

17-80-101.17-80-101 (Effective 05/06/26).

-(13)(a) 13 - SB0206 compared with SB0206S04 (13) (a) "Primary dwelling" means a single-family dwelling that:

(i)- is12 a- habitableEnrolled space;Copy S.B.

206 (i) is a habitable space;

(20)(20)(a) (a) "Tax increment" means the difference between:

17-80-504.17-80-504 (Effective 05/06/26).

(1)(1)(a) - 14 - SB0206 compared with SB0206S04 (a) A county may receive tax increment and use home ownership promotion zone funds in accordance with this section.

(2) A county that collects property tax on property located within a home ownership promotion zone shall retain, in accordance with Section 59-2-1365,[ retain] 60% of the tax increment [collected ] the county collects from property within the home ownership promotion- zone13 to- [beS.B. used] use as described in this section.

(3)206 (a)Enrolled TaxCopy incrementpromotion retainedzone byto a[be countyused] inuse accordanceas withdescribed Subsectionin (2)this issection. not revenue of the taxing entity or county, but home ownership promotion zone funds.

(3)(a) Tax increment retained by a county in accordance with Subsection (2) is not revenue of the taxing entity or county, but home ownership promotion zone funds.

(4)(4)(a) (a) A county or agency shall use home ownership promotion zone funds within, or for the direct benefit of, the home ownership promotion zone.

or - 15 - SB0206 compared with SB0206S04 (f) the costs of the county to create and administer the home ownership promotion zone, which may not exceed 3% of the total home ownership promotion zone funds.

and (b)- pledge14 and- [utilize]Enrolled useCopy theS.B. home ownership promotion zone funds to guarantee the payment of public infrastructure bonds issued by a public infrastructure district.

206 (b) pledge and [utilize] use the home ownership promotion zone funds to guarantee the payment of public infrastructure bonds issued by a public infrastructure district.

17C-1-603.17C-1-603 (Effective 05/06/26).

17C-1-606.17C-1-606 (Effective 05/06/26).

(1)(1)(a) (a) On or before March 31 of each year, the auditor of each county in which an agency is located shall prepare a report on the project areas within each agency.

[(c) On or before March 31 of each year, the county auditor shall submit a copy of each report under Subsection (1)(a) to the Governor's Office of Economic Opportunity for inclusion in the database described in Section 17C-1-603.] - 16 - SB0206 compared with SB0206S04 (c) On or before March 31 of each year, the county auditor shall submit a copy of each report under Subsection (1)(a) to the program manager, as defined in Section 59-2-1601, for inclusion in the database described in Title 59, Chapter 35, Tax Increment Financing Reporting.

(b)- the15 unequalized- assessedS.B. valuation of an existing or proposed project area, or any parcel or parcels within an existing or proposed project area, if the equalized assessed valuation has not yet been determined for that year;

206 Enrolled Copy (b) the unequalized assessed valuation of an existing or proposed project area, or any parcel or parcels within an existing or proposed project area, if the equalized assessed valuation has not yet been determined for that year;

17D-4-205.17D-4-205 (Effective 05/06/26).

Section 1159-1-1901 is enacted to read:

Statewide Tax Administration and Technology Solutions -59-1-1901 17(Effective -05/06/26). SB0206 compared with SB0206S04 59-1-1901.

(5)(5)(a) (a) "TIF entity" means a political subdivision of the state that intends to receive, receives, or is authorized to receive tax increment for an approved project area.

Section 1259-1-1902 is enacted to read:

59-1-1902.59-1-1902 (Effective 05/06/26).

(1)- There16 is- createdEnrolled theCopy "StatewideS.B. Tax Administration and Technology Solutions" program, administered by the program manager.

206 (1) There is created the "Statewide Tax Administration and Technology Solutions" program, administered by the program manager.

- 18 - SB0206 compared with SB0206S04 (3) A professional appraiser hired to provide property valuation services under Subsection (2) shall hold an appraiser's certificate or license from the Division of Real Estate in accordance with Title 61, Chapter 2g, Real Estate Appraiser Licensing and Certification Act.

(4)(4)(a) (a) The commission shall approve a professional appraiser before the program manager hires the professional appraiser.

(b) The program manager shall determine that hiring a professional appraiser to provide property valuation services promotes the objectives described in Subsection 59-2-1606(2)(a)59-2-1601(1)(a) before hiring a professional appraiser.

(5)(5)(a) (a) The program manager shall:

and (ii) charge a fee to a TIF entity to cover the program manager's cost of complying with Subsection (5)(5)(a). (a).

(c) The program manager shall determine the amount of the fee described in Subsection (5)(b)(ii),- provided17 that- theS.B. combined fees charged to all TIF entities may not exceed the actual cost of complying with Subsection (5)(a).

206 Enrolled Copy (5)(b)(ii), provided that the combined fees charged to all TIF entities may not exceed the actual cost of complying with Subsection (5)(a).

59-2-306.5.59-2-306.5 (Effective 05/06/26) (Applies beginning 01/01/26).

(1) As used in this section, ["Multicounty Appraisal Trust"] {"fund } "program manager" means the same as that term is defined in Section 59-2-1601.

(2) A telecommunications service provider shall provide to the [Multicounty Appraisal Trust] {fund } program manager a signed statement setting forth all of the personal property that the telecommunications service provider owns, possesses, manages, or has under the telecommunications service provider's control in the state.

- 19 - SB0206 compared with SB0206S04 (a) may be requested by the [Multicounty Appraisal Trust:] {fund } program manager on or before January 31 of each year;

(4)(4)(a) (a) Except where an estimate is made in accordance with Subsection [59-2-307{[}[59-2-307 (3)(b)(i)(C)] {(4) (b)(i)(C)} 59-2-307(4)(b)(i)(C), the [Multicounty Appraisal Trust] {fund } program manager shall value each item of personal property of a telecommunications service provider according to the personal property valuation guides and schedules [established by ]the] the commission establishes.

(b)(b)(i) (i) Between March 31 and May 31 of each year:

(A) the [Multicounty Appraisal Trust] {fund } program manager may communicate with a telecommunications service provider to address any inconsistency or error in the filed signed statement;

and (B)- the18 telecommunications- serviceEnrolled providerCopy mayS.B. file an amended signed statement with the [Multicounty Appraisal Trust] {fund } program manager regarding the items agreed to by the [Multicounty Appraisal Trust] {fund } program manager and the telecommunications service provider.

206 (B) the telecommunications service provider may file an amended signed statement with the [Multicounty Appraisal Trust] program manager regarding the items agreed to by the [Multicounty Appraisal Trust] program manager and the telecommunications service provider.

(c) On or before May 31 of each year, the [Multicounty Appraisal Trust] {fund } program manager shall:

- 20 - SB0206 compared with SB0206S04 (i) forward to each county information about the total value of personal property of each telecommunications service provider within the county, by tax area, including a listing of personal property that is exempt;

(i) July 30 of the year the [Multicounty Appraisal Trust] {fund } program manager requests a statement described in Subsection (3)(a);

(5) The [Multicounty Appraisal Trust] {fund } program manager shall forward to each county information about the total value of personal property of each telecommunications service provider within the county.

(6) If a signed statement filed in accordance with this section discloses real property, the [Multicounty[ Multicounty Appraisal Trust] {fund } program manager shall send a copy of the signed statement to the county in which the property is located.

59-2-307.59-2-307 (Effective 05/06/26) (Applies beginning 01/01/26).

(1) As used in this section, {"fund } "program manager" means the same as that term is defined in Section 59-2-1601.

[(a)] (2)(2)(a) (a) Each person that fails to file the signed statement required by Section 59-2-306 or Section 59-2-306.5, fails to file the signed statement with respect to name and place of residence, or fails to appear and testify when requested by the county- assessor[,]19 shall- payS.B. a penalty equal to 10% of the estimated tax due, but not less than $25 for each failure to file a signed and completed statement.

(b)206 TheEnrolled [MulticountyCopy Appraisalcounty Trust]assessor[,] {fundshall }pay programa managerpenalty shallequal notifyto 10% of the countyestimated assessortax ofdue, abut telecommunicationsnot serviceless provider'sthan $25 for each failure to file thea signed and completed statement.

-(b) 21The -[Multicounty SB0206Appraisal comparedTrust] withprogram SB0206S04manager (c) The county assessor shall collectnotify each penalty under Subsection [(1)(a)] (2)(a) in the mannercounty providedassessor byof Sections 59-2-1302 and 59-2-1303, except as otherwise provided for in this section, or by a judicialtelecommunications proceedingservice broughtprovider's infailure theto namefile of the countysigned assessor.statement.

(c) The county assessor shall collect each penalty under Subsection [(1)(a)] (2)(a) in the manner provided by Sections 59-2-1302 and 59-2-1303, except as otherwise provided for in this section, or by a judicial proceeding brought in the name of the county assessor.

[(2)] (3)(3)(a) (a) Upon a showing of reasonable cause, a county may waive or reduce a penalty imposed under Subsection [(1)(a)] (2)(a).

(b)(b)(i) (i) Except as provided in Subsection [(2)(b)(ii)] (3)(b)(ii), a county assessor may impose a penalty under Subsection [(1)(a)] (2)(a) on or after May 16 of the year the county assessor requests the statement described in Section 59-2-306 or is due under Section 59-2-306.5.

[(3)] (4)(4)(a) (a) If an owner neglects or refuses to file a signed statement [requested by an assessor ]as required under Section 59-2-306 after the county assessor makes a request:

and (B) may impose a fee for the actual and necessary expenses of the mailing under this Subsection [(3)(a)(ii)[(3)(a)(ii)(A)] (A)] (4)(a).

(b) - 2220 - SB0206Enrolled comparedCopy withS.B. SB0206S04 (i) If a telecommunications service provider neglects or refuses to file a signed statement in accordance with Section 59-2-306.5, the [Multicounty{]} {[} Appraisal Trust] {fund } program manager shall make:

206 (b)(i) If a telecommunications service provider neglects or refuses to file a signed statement in accordance with Section 59-2-306.5, the [Multicounty Appraisal Trust] program manager shall make:

(ii) The [Multicounty Appraisal Trust] {fund } program manager may impose a fee for the actual and necessary expenses of the mailing under this Subsection [(3)(b)(i)(B)] (4)(b).

(c) A county board of equalization or the commission may not reduce the value fixed by the county assessor in accordance with Subsection [(3)(a)(i)] (4)(a)(i) or the [Multicounty[ Multicounty Appraisal Trust] {fund } program manager in accordance with Subsection [(3)(b)(i)][ (3)(b)(i)] (4)(b)(i).

59-2-308.59-2-308 (Effective 05/06/26) (Applies beginning 01/01/26).

Assessment in name of representative -- Assessment of property of decedents -- Assessment of property in litigation -- Assessment of personal property valued by {fund } program manager.

(3) {[PropertyProperty {]}in Thelitigation, court clerk or receiver shall assess property }in litigation{[, which is in the possession of {]}a that is in the possession of }a court or receiver, {[shallshall be assessed to the court clerk or receiver, ]} and the taxes shall be paid under the direction of the court.

(4) A county shall add the valuation the [Multicounty Appraisal Trust] {fund } program manager, as that term is defined in Section 59-2-1601, gives to personal property of a telecommunications service provider to the valuation of any real property of the telecommunications service provider within the county before making an assessment in accordance with this part.

59-2-704.- 21 - S.B.

206 Enrolled Copy 59-2-704 (Effective 05/06/26) (Applies beginning 01/01/26).

-(1)(a) 23 - SB0206 compared with SB0206S04 (1) (a) Each year, to assist in the evaluation of appraisal performance of taxable real property, the commission shall conduct and publish studies to determine the relationship between the market value shown on the assessment roll and the market value of real property in each county.

(2)(2)(a) (a) [The] Each year, the commission shall[, each year,] order each county to adjust or factor [its] the county's assessment rates using the most current studies so that the assessment rate in each county is in accordance with [that prescribed in ]Section 59-2-103.

[(5) If a county disputes the factoring ordered under Subsection (2), {[} the matter may be mediated by the Multicounty Appraisal Trust{]Trust the fund manager,} as defined in Section 59-2-1601{,59-2-1601.] may mediate the matter}.] [(6)] (5)(5)(a) (a) The commission may change the factor for any county [which] that, after a hearing before the commission, establishes that the factor should properly be set at a different level for [that] the county.

- 24 - SB0206 compared with SB0206S04 (b) The commission shall establish the method, procedure, and timetable for the hearings authorized under this section, including access to information to ensure a fair hearing.

[(7)] (6) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission- may22 establish- rulesEnrolled toCopy implementS.B. this section, including providing a means for a county to cure noncompliance with a factoring order.

206 commission may establish rules to implement this section, including providing a means for a county to cure noncompliance with a factoring order.

59-2-919.1.59-2-919.1 (Effective 05/06/26) (Superseded 07/01/26) (Applies beginning 01/01/26).

(1) [In addition to the notice requirements of Section 59-2-919, the county auditor, on or before July 22 of each year, ] On or before July 22 of each year, the county auditor, in addition to the notice requirements of Section 59-2-919, shall notify each owner of real estate who is listed on the assessment roll.

- 25 - SB0206 compared with SB0206S04 (B) the deadline for the taxpayer to apply to the commission for a hearing on an objection to the valuation or equalization of the property under Section 59-2-1007;- 23 - S.B.

206 Enrolled Copy 59-2-1007;

or (B) the statewide web portal developed and maintained [by the Multicounty Appraisal Trust under]under {inSubsection accordance with} [Subsection {[} 59-2-1606(5)(a)] {59-2-1606(7)(a)} in accordance with Section 59-2-1606 for uniform access to property characteristics and features;

- 2624 - SB0206Enrolled comparedCopy withS.B. SB0206S04 (3) If a taxing entity that is subject to the notice and hearing requirements of Subsection 59-2-919(4) proposes a tax increase, the notice described in Subsection (1) shall state, in addition to the information required by Subsection (2):

206 (3) If a taxing entity that is subject to the notice and hearing requirements of Subsection 59-2-919(4) proposes a tax increase, the notice described in Subsection (1) shall state, in addition to the information required by Subsection (2):

(5)(5)(a) (a) Subject to the other provisions of this Subsection (5), a county auditor may provide, at the county auditor's discretion, the notice required by this section to a taxpayer by electronic means if a taxpayer makes an election, according to procedures determined by the county auditor, to receive the notice by electronic means.

(b)(b)(i) (i) If a county auditor sends a notice required by this section by electronic means, the county auditor shall attempt to verify whether a taxpayer receives the notice.

(ii) If the county auditor cannot verify receipt of the notice sent by electronic means 14 days or more before the county board of equalization meets and the taxing entity holds a public hearing on a - 27 - SB0206 compared with SB0206S04 proposed increase in the certified tax rate, the county auditor shall send the notice required by this section by mail as provided in Subsection (2).

(c)- A25 taxpayer- mayS.B. revoke an election to receive the notice required by this section by electronic means if the taxpayer provides written notice to the county auditor on or before April 30.

206 Enrolled Copy (c) A taxpayer may revoke an election to receive the notice required by this section by electronic means if the taxpayer provides written notice to the county auditor on or before April 30.

59-2-919.1.59-2-919.1 (Effective 07/01/26).

and - 2826 - SB0206Enrolled comparedCopy withS.B. SB0206S04 (c) contain for each property:

206 (c) contain for each property:

(B) the multicounty assessing and collecting levy described in Subsection[Subsection [59-2-1602(2)]59-2-1602(2)] Section 59-2-1602;

(C) the county assessing and collecting levy described in Subsection [59-2-1602(4)] Section 59-2-1602;

(viii)- the27 date,- time,S.B. and place of the required public hearing for each entity;

206 Enrolled Copy (viii) the date, time, and place of the required public hearing for each entity;

and - 29 - SB0206 compared with SB0206S04 (B) the residential exemption described in Section 59-2-103;

(xi) the last property review date of the property as described in Subsection[Subsection [59-2-303.1(1)59-2-303.1(1)(c)] (c)]Section 59-2-303.1;

or (B) the statewide web portal developed and maintained [by the Multicounty Appraisal Trust under Subsection 59-2-1606(5)(a)] in accordance with Section {59-2-1606(7)(a)} 59-2-1606 for uniform access to property characteristics and features;

and (b)- include28 a- telephoneEnrolled number,Copy orS.B. a website address on which a telephone number is prominently listed, that the property owner may call to obtain additional information about applying for a deferral.

-206 30(b) -include SB0206a comparedtelephone withnumber, SB0206S04or (5)a (a)website Subjectaddress toon thewhich other provisions of this Subsection (5), a countytelephone auditornumber mayis provide,prominently atlisted, thethat county auditor's discretion, the noticeproperty requiredowner bymay thiscall section to aobtain taxpayeradditional byinformation electronicabout meansapplying iffor a taxpayerdeferral. makes an election, according to procedures determined by the county auditor, to receive the notice by electronic means.

(b)(5)(a) (i)Subject Ifto the other provisions of this Subsection (5), a county auditor sendsmay aprovide, at the county auditor's discretion, the notice required by this section to a taxpayer by electronic means,means theif countya auditortaxpayer shallmakes attemptan election, according to verifyprocedures whetherdetermined aby taxpayerthe receivescounty auditor, to receive the notice.notice by electronic means.

(b)(i) If a county auditor sends a notice required by this section by electronic means, the county auditor shall attempt to verify whether a taxpayer receives the notice.

Section- 19.29 - S.B.

206 Enrolled Copy Section 19.

59-2-924.59-2-924 (Effective 01/01/27).

- 31 - SB0206 compared with SB0206S04 (1) As used in this section:

(a)(a)(i) (i) "Ad valorem property tax revenue" means revenue collected in accordance with this chapter.

(c)(c)(i) (i) "Aggregate taxable value of all property taxed" means:

(ii)- for30 the- PointEnrolled ofCopy theS.B. Mountain State Land Authority created in Section 11-59-201, the same as that term is defined in Section 11-59-207;

206 (ii) for the Point of the Mountain State Land Authority created in Section 11-59-201, the same as that term is defined in Section 11-59-207;

- 32 - SB0206 compared with SB0206S04 (iv) for an agency created under Section 17C-1-201.5, the same as that term is defined in Section 17C-1-102;

[(e)] (f) "Centrally assessed benchmark value" means an amount equal to the average year- end31 taxable- valueS.B. of real and personal property the commission assesses in accordance with Part 2, Assessment of Property, for the previous three calendar years, adjusted for taxable value attributable to:

206 Enrolled Copy year end taxable value of real and personal property the commission assesses in accordance with Part 2, Assessment of Property, for the previous three calendar years, adjusted for taxable value attributable to:

or - 33 - SB0206 compared with SB0206S04 (iii) a change in value as a result of a change in the method of apportioning the value prescribed by the Legislature, a court, or the commission in an administrative rule or administrative order.

[(g)] (h)(h)(i) (i) "Centrally assessed new growth" means the greater of:

or (B) the amount calculated by subtracting the centrally assessed benchmark value for each centrally assessed industry, adjusted for prior year end incremental value, from the taxable value of real and personal property the commission assesses- in32 accordance- withEnrolled PartCopy 2,S.B. Assessment of Property, for each centrally assessed industry for the current year, adjusted for current year incremental value.

-206 34assesses -in SB0206accordance compared with SB0206S04Part (ii)2, "CentrallyAssessment assessedof newProperty, growth" does not include a change in value for aeach centrally assessed industry asfor a result of a change in the methodcurrent ofyear, apportioningadjusted thefor valuecurrent prescribedyear byincremental thevalue. Legislature, a court, or the commission in an administrative rule or administrative order.

(ii) "Centrally assessed new growth" does not include a change in value for a centrally assessed industry as a result of a change in the method of apportioning the value prescribed by the Legislature, a court, or the commission in an administrative rule or administrative order.

(ii)- for33 the- PointS.B. of the Mountain State Land Authority created in Section 11-59-201, an amount calculated by multiplying:

206 Enrolled Copy (ii) for the Point of the Mountain State Land Authority created in Section 11-59-201, an amount calculated by multiplying:

- 35 - SB0206 compared with SB0206S04 (iii) for the Utah Fairpark Area Investment and Restoration District created in Section 11-70-201, the amount calculated by multiplying:

and (B)- the34 number- thatEnrolled representsCopy theS.B. percentage of the tax increment that is paid to the housing and transit reinvestment zone or convention center reinvestment zone;

206 (B) the number that represents the percentage of the tax increment that is paid to the housing and transit reinvestment zone or convention center reinvestment zone;

- 36 - SB0206 compared with SB0206S04 (viii) for a home ownership promotion zone created under Title 10, Chapter 21, Part 5, Home Ownership Promotion Zone for Municipalities, or Title 17, Chapter 80, Part 5, Home Ownership Promotion Zone, an amount calculated by multiplying:

(A)- the35 difference- betweenS.B. the taxable value and the base taxable value of the property that is located within the electrical energy developmental zone;

206 Enrolled Copy (A) the difference between the taxable value and the base taxable value of the property that is located within the electrical energy developmental zone;

[(p)] (q)(q)(i) (i) "Locally assessed new growth" means the greater of:

or - 37 - SB0206 compared with SB0206S04 (B) the amount calculated by subtracting the year end taxable value of real property the county assessor assesses in accordance with Part 3, County Assessment, for the previous year, adjusted for prior year end incremental value from the taxable value of real property the county assessor assesses in accordance with Part 3, County Assessment, for the current year, adjusted for current year incremental value.

(C) assessed value based on whether a property is assessed under Part 5, Farmland Assessment Act;Act;[ or] (D) assessed value based on whether a property is assessed under Part 17, Urban Farming Assessment Act[.] ;

[or] (D) assessed value based on whether a property is assessed under Part 17, Urban Farming Assessment Act[.] ;

(iv)- for36 an- authorityEnrolled createdCopy underS.B. Section 63H-1-201, the same as that term is defined in Section 63H-1-102;

206 (iv) for an authority created under Section 63H-1-201, the same as that term is defined in Section 63H-1-102;

- 38 - SB0206 compared with SB0206S04 (vi) for a home ownership promotion zone created under Title 10, Chapter 21, Part 5, Home Ownership Promotion Zone for Municipalities, or Title 17, Chapter 80, Part 5, Home Ownership Promotion Zone, the same as that term is defined in Section 10-21-101 or Section 17-80-101;

[(r)] (s)(s)(i) (i) "Project area new growth" means:

[(vi)] (F) for a housing and transit reinvestment zone or convention center reinvestment zone created under Title 63N, Chapter 3, Part 6, Housing and Transit Reinvestment Zone Act, an amount equal to the incremental value that is- no37 longer- providedS.B. to a housing and transit reinvestment zone or convention center reinvestment zone as tax increment;

206 Enrolled Copy is no longer provided to a housing and transit reinvestment zone or convention center reinvestment zone as tax increment;

- 39 - SB0206 compared with SB0206S04 [(viii)] (H) for a first home investment zone created under Title 63N, Chapter 3, Part 16, First Home Investment Zone Act, an amount equal to the incremental value that is no longer provided to a first home investment zone as tax increment;

(iv)- for38 a- firstEnrolled homeCopy investmentS.B. zone created under Title 63N, Chapter 3, Part 16, First Home Investment Zone Act, the same as that term is defined in Section 63N-3-1601;

206 (iv) for a first home investment zone created under Title 63N, Chapter 3, Part 16, First Home Investment Zone Act, the same as that term is defined in Section 63N-3-1601;

and - 40 - SB0206 compared with SB0206S04 (b) a statement containing the taxable value of all personal property a county assessor assesses in accordance with Part 3, County Assessment, from the prior year end values.

(4)(4)(a) (a) Except as otherwise provided in this section, the certified tax rate shall be calculated by dividing the ad valorem property tax revenue that a taxing entity budgeted for the prior year by the amount calculated under Subsection (4)(b).

(iii) after making the calculation required by Subsection (4)(b)(ii), calculate the product- of:39 - S.B.

206 Enrolled Copy product of:

- 41 - SB0206 compared with SB0206S04 (b) for a municipality incorporated on or after July 1, 1996, the certified tax rate is:

(6)- (a)40 A- taxingEnrolled entityCopy mayS.B. impose a judgment levy under Section 59-2-1328 or 59-2-1330 at a rate that is sufficient to generate only the revenue required to satisfy one or more eligible judgments.

206 (6)(a) A taxing entity may impose a judgment levy under Section 59-2-1328 or 59-2-1330 at a rate that is sufficient to generate only the revenue required to satisfy one or more eligible judgments.

(7)(7)(a) (a) For the purpose of calculating the certified tax rate, the county auditor shall use:

and - 42 - SB0206 compared with SB0206S04 (iii) the taxable value of real and personal property the commission assesses in accordance with Part 2, Assessment of Property.

(8)(8)(a) (a) On or before June 30 of each year, a taxing entity shall adopt a tentative budget.

(9)(9)(a) (a) Subject to Subsection (9)(d), the commission shall provide notice, through electronic means on or before July 31, to a taxing entity and the Revenue and Taxation Interim Committee if:

and (ii) the amount calculated under Subsection (9)(c) is 50% or more of the total year end taxable value of the real and personal property of a taxpayer the commission assesses- in41 accordance- withS.B. Part 2, Assessment of Property, for the previous year.

206 Enrolled Copy assesses in accordance with Part 2, Assessment of Property, for the previous year.

- 43 - SB0206 compared with SB0206S04 (d) The notification under Subsection (9)(a) shall include a list of taxpayers that meet the requirement under Subsection (9)(a)(ii).

59-2-924.2.59-2-924.2 (Effective 05/06/26) (Applies beginning 01/01/26).

(b) "Annexing municipality" means a municipality {for which the area } that is included within a public safety district by annexation.

(e) "Participating county" means a county {for which } that has the unincorporated area {is } included within a {public safety district at the time of the creation of the } public safety district.

(f)- "Participating42 municipality"- meansEnrolled aCopy municipalityS.B. {for which the area } that is included within a {public safety district at the time of the creation of the } public safety district.

206 (f) "Participating municipality" means a municipality that is included within a public safety district.

(2) [Beginning January 1, 1997, if ] If a taxing entity receives increased [revenues] revenue from uniform fees on tangible personal property under Section 59-2-405, 59-2-405.1, 59-2-405.2, 59-2-405.3, or 72-10-110.5 as a result of any county imposing a sales and use tax under Chapter 12, - 44 - SB0206 compared with SB0206S04 Part 11, County Option Sales and Use Tax, the taxing entity shall decrease [its] the taxing entity's certified tax rate to offset the increased [revenues] revenue.

(3)(3)(a) (a) [Beginning July 1, 1997, if] If a county has imposed a sales and use tax under Chapter 12, Part 11, County Option Sales and Use Tax, the county's certified tax rate shall be:

(4) [Beginning January 1, 1998, if] If a municipality has imposed an additional resort communities sales and use tax under Section 59-12-402, the municipality's certified tax rate shall be decreased on a one-time basis by the amount necessary to offset the first 12 months of estimated revenue from the additional resort communities sales and use tax imposed- under43 Section- 59-12-402.S.B.

(5)206 (a)Enrolled ThisCopy Subsectionimposed (5)under appliesSection to59-12-402. each county that:

(5)(a) This Subsection (5) applies to each county that:

(b)(b)(i) (i) The certified tax rate of each county to which this Subsection (5) applies shall be decreased by the amount necessary to reduce county [revenues] revenue by the same amount of [revenues] revenue that will be generated by the property tax imposed on behalf of the special service district.

- 45 - SB0206 compared with SB0206S04 (i) in the case of a fire district, to cover all the costs associated with providing fire protection, paramedic, and emergency services:

[(6)] (7)(7)[(a) [(a) As used in this Subsection (6):] [(i) "Annexing county" means a county whose unincorporated area is included within a- public44 safety- districtEnrolled byCopy annexation.]S.B. [(ii) "Annexing municipality" means a municipality whose area is included within a public safety district by annexation.] [(iii) "Equalized public safety protection tax rate" means the tax rate that results from:] [(A) calculating, for each participating county and each participating municipality, the property tax revenue necessary:] [(I) in the case of a fire district, to cover all of the costs associated with providing fire protection, paramedic, and emergency services:] [(Aa) for a participating county, in the unincorporated area of the county;

206 a public safety district by annexation.] [(ii) "Annexing municipality" means a municipality whose area is included within a public safety district by annexation.] [(iii) "Equalized public safety protection tax rate" means the tax rate that results from:] [(A) calculating, for each participating county and each participating municipality, the property tax revenue necessary:] [(I) in the case of a fire district, to cover all of the costs associated with providing fire protection, paramedic, and emergency services:] [(Aa) for a participating county, in the unincorporated area of the county;

and] - 46 - SB0206 compared with SB0206S04 [(B) adding all the amounts calculated under Subsection (6)(a)(iii)(A) for all participating counties and all participating municipalities and then dividing that sum by the aggregate taxable value of the property, as adjusted in accordance with Section 59-2-913:] [(I) for participating counties, in the unincorporated area of all participating counties;

and] [(B) in the creation of which an election was not required under Subsection 17B-1-214(3)(d).] [(v) "Participating county" means a county whose unincorporated area is included within a public safety district at the time of the creation of the public safety district.] [(vi) "Participating municipality" means a municipality whose area is included within a- public45 safety- districtS.B. at the time of the creation of the public safety district.] [(vii) "Police district" means a service area under Title 17B, Chapter 2a, Part 9, Service Area Act, within a county of the first class:] [(A) created to provide law enforcement service;

206 Enrolled Copy a public safety district at the time of the creation of the public safety district.] [(vii) "Police district" means a service area under Title 17B, Chapter 2a, Part 9, Service Area Act, within a county of the first class:] [(A) created to provide law enforcement service;

or - 47 - SB0206 compared with SB0206S04 (B) for a taxing entity operating under a July 1 through June 30 fiscal year, the prior fiscal year.

[(e)] (d) The calculation of a public safety district's certified tax rate for the year of annexation- shall46 be- adjustedEnrolled toCopy includeS.B. an amount of revenue equal to one half of the amount of revenue budgeted by the annexing entity for public safety service in the annexing entity's prior fiscal year if:

206 annexation shall be adjusted to include an amount of revenue equal to one half of the amount of revenue budgeted by the annexing entity for public safety service in the annexing entity's prior fiscal year if:

[(7)] (8)(8)(a) (a) The base taxable value as defined in Section 17C-1-102 shall be reduced for any year to the extent necessary to provide a community reinvestment agency established under Title 17C, Limited Purpose Local Government Entities - Community Reinvestment Agency Act, with approximately the same amount of money the agency would have received without a reduction in the county's certified tax rate, calculated in accordance with Section 59-2-924, if:

- 48 - SB0206 compared with SB0206S04 (c) Notwithstanding a decrease in the certified tax rate under Subsection (2) or (3)(a), the amount of money allocated and, when collected, paid each year to a community reinvestment agency established under Title 17C, Limited Purpose Local Government Entities - Community Reinvestment Agency Act, for the payment of bonds or other contract indebtedness, but not for administrative costs, may not be less than [that] the amount would have been without a decrease in the certified tax rate under- Subsection47 (2)- orS.B. (3)(a).

[(8)206 (a)Enrolled ForCopy theunder calendarSubsection year(2) beginningor on(3)(a). January 1, 2014, the calculation of a county assessing and collecting levy shall be adjusted by the amount necessary to offset:] [(i) any change in the certified tax rate that may result from amendments to Part 16, Multicounty Assessing and Collecting Levy, in Laws of Utah 2014, Chapter 270, Section 3;

and][(8)(a) [(ii)For the differencecalendar inyear beginning on January 1, 2014, the amountcalculation of revenue a taxingcounty entityassessing receivesand fromcollecting orlevy contributesshall tobe adjusted by the Propertyamount Taxnecessary Valuationto Fund,offset:] created[(i) any change in Sectionthe 59-2-1602,certified tax rate that may result from amendments to Part 16, Multicounty Assessing and Collecting Levy, in Laws of Utah 2014, Chapter 270, Section 3.]3; [(b) A taxing entity is not required to comply with the notice and public hearing requirements in Section 59-2-919 for an adjustment to the county assessing and collecting levy described in Subsection (8) (a).] [(9) If a taxing entity receives decreased revenues from uniform fees on tangible personal property under Section 59-2-405 as a result of any error in applying uniform fees to motor vehicle registration in the calendar year beginning on January 1, 2023, the commission may, for the calendar year beginning on January 1, 2024, increase the taxing entity's budgeted revenue to offset the decreased revenues.] Section 21.

and] [(ii) the difference in the amount of revenue a taxing entity receives from or contributes to the Property Tax Valuation Fund, created in Section 59-2-1602, that may result from amendments to Part 16, Multicounty Assessing and Collecting Levy, in Laws of Utah 2014, Chapter 270, Section 3.] [(b) A taxing entity is not required to comply with the notice and public hearing requirements in Section 59-2-919 for an adjustment to the county assessing and collecting levy described in Subsection (8)(a).] [(9) If a taxing entity receives decreased revenues from uniform fees on tangible personal property under Section 59-2-405 as a result of any error in applying uniform fees to motor vehicle registration in the calendar year beginning on January 1, 2023, the commission may, for the calendar year beginning on January 1, 2024, increase the taxing entity's budgeted revenue to offset the decreased revenues.] Section 21.

59-2-1601.59-2-1601 (Effective 05/06/26) (Applies beginning 01/01/26).

[(1) "County additional property tax" means the property tax levy described in Subsection 59-2-1602(4).] [(2)] {(1)} (1) "Database" means the same as that term is defined in Section 59-1-1901.

(2) "Fund" means the Property Tax Valuation Fund created in Section {[59-2-1602{]}59-2-1602. 59-2-1606}.

- 49 - SB0206 compared with SB0206S04 {(2) "Fund manager" means an association that represents at least two-thirds of the counties in the state.} [(3) "Multicounty Appraisal Trust" means the Multicounty Appraisal Trust created by an agreement:] [(a) entered into by all of the counties in the state;

and] [(b) authorized by Title 11, Chapter 13, Interlocal Cooperation Act.] [(4)] (3) "Multicounty assessing and collecting levy" means a property tax [levied] the counties levy in accordance with Subsection [59-2-1602(2)] {59-2-1602(1)} 59-2-1602(3).

{[(5){]}- {(4)}48 }- (a)Enrolled "PropertyCopy valuationS.B. service" means [any] a service or technology that promotes uniform assessment levels for the valuation of personal property and real property in accordance with Part 3, County Assessment.

206 (5)(a) "Property valuation service" means [any] a service or technology that promotes uniform assessment levels for the valuation of personal property and real property in accordance with Part 3, County Assessment.

{[(6){]}(6) {(5)} } "Statewide property tax system" means a computer assisted system for mass appraisal, equalization, collection, distribution, and administration related to property tax[, created by the Multicounty Appraisal Trust in accordance with Section 59-2-1606].

59-2-1602.59-2-1602 (Effective 05/06/26) (Applies beginning 01/01/26).

{[(1)}(1)(a) {(a) There is created a custodial fund }inin the Division of Finance {knownknown as the "Property Tax Valuation Fund."]}Fund." {[(b)(b) The fund consists of:]}of: {[(i) deposits made and penalties received under Subsection (3);}[ and] {[(ii) interest on money deposited into the fund}[.] {[(c)} } ;

(i) deposits made and penalties received under Subsection [(3)] (4);[ and] (ii) interest on money deposited into the fund[.] ;

- 50 - SB0206 compared with SB0206S04 (iv) the statewide property tax system and statewide web portals, including intellectual property rights;

(c)(c)(i) (i) Subject to Subsection (1)(c)(ii), the Division of Finance shall allocate money in the fund for the calendar year to the program manager:

(i)- sole49 authority- to:S.B.

206 Enrolled Copy (i) sole authority to:

[(c) Deposits, penalties, and interest described in Subsection (1)(b) shall be disbursed and used as provided in Section 59-2-1603.] {[(2)(2) {(a)}The }The following assets are transferred to the program manager to use for STATS:

- 51 - SB0206 compared with SB0206S04 (i) obtained from the multicounty assessing and collecting levy or for the performance of the duties described in this section, including revenue acquired before May 6, 2026;

(3)(3)(a) (a)Each {Each county shall annually impose a multicounty assessing and collecting levy as provided in this Subsection }[(2)][(2)] (3){.]}(3). {[(b) The tax rate of the multicounty assessing and collecting levy is the certified revenue levy rounded up to the sixth decimal place.]} {[(c) The state treasurer shall allocate all revenue collected from the multicounty assessing and collecting levy to the Multicounty Appraisal Trust.]} [(3)] (1){(4)} (a) {(i) Each county shall impose annually a multicounty assessing and collecting levy.} {(ii) {The tax rate of the multicounty assessing and collecting levy is the certified revenue levy rounded up to the sixth decimal place.} {(b)} The county shall state separately the multicounty assessing and collecting levy [imposed under Subsection (2) shall be separately stated ]on the tax notice as a multicounty assessing and collecting levy.

{[(b){]}(b) {(c)}The }tax Therate of the multicounty assessing and collecting levy is:is the certified revenue levy rounded up to the sixth decimal place.

(c) The state treasurer shall allocate all revenue collected from the multicounty assessing and collecting levy to the Multicounty Appraisal Trust.

[(3)] (4)(a) The county shall state separately the multicounty assessing and collecting levy [imposed 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 is:

and (iii)- exempt50 from- theEnrolled noticeCopy andS.B. public hearing requirements of Section 59-2-919.

{[(c){]}206 {(d)}(iii) }exempt (i)from Each county shall transmit quarterly to the statenotice treasurerand thepublic revenuehearing [collected]requirements theof countySection collects59-2-919. from the multicounty assessing and collecting levy.

(ii)(c)(i) TheEach [revenue transmitted under Subsection (3)(c)(i) shall be transmitted ] county shall transmit thequarterly revenueto described in Subsection {(1)(d)(i) } (4)(c)(i) no later than the tenthstate daytreasurer of the monthrevenue following[collected] the endcounty ofcollects thefrom quarter in which the countymulticounty collectsassessing theand revenue[collecting islevy. collected].

[(iii)(ii) IfThe revenue[revenue transmitted under Subsection (3)(c)(i) isshall be transmitted after] the tenth day of the month following the end of the quarter in which the revenue is collected, the county shall paytransmit an interest penalty at the rate of 10% each year until the revenue is transmitted.] - 52 - SB0206 compared with SB0206S04 (iii) If a county transmits revenue described in Subsection {(1)(d)(i)(4)(c)(i) }no (4)(c)(i)later afterthan the tenth day of the month following the end of the quarter in which the county collects the revenue,revenue[ theis countycollected]. shall pay {a } an interest penalty at the rate of 10% each year until the county transmits the revenue.

(iv)[(iii) TheIf staterevenue treasurertransmitted 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 depositpay an interest penalty at the rate of 10% each year until the revenue andis penaltiestransmitted.] (iii) If a county transmits revenue described in this Subsection {(1)(4)(c)(i) }after (4)the intotenth day of the fund.month following the end of the quarter in which the county collects the revenue, the county shall pay an interest penalty at the rate of 10% each year until the county transmits the revenue.

[(d)(iv) The state treasurer shall allocatedeposit the penalties received under this Subsection (3) in the same manner as revenue isand allocatedpenalties underdescribed Subsection (2)(c).] [(4)] (2){(5)} (a) A county may levy a county additional property tax in accordance with this Subsection [(4)](4) {(2)}into (5).the fund.

[(d) The state treasurer shall allocate the penalties received under this Subsection (3) in the same manner as revenue is allocated under Subsection (2)(c).] [(4)] (5)(a) A county may levy a county additional property tax in accordance with this Subsection [(4)] (5).

(iii)- fund51 state- mandatedS.B. actions to meet legislative mandates or judicial or administrative orders that relate to promoting:

206 Enrolled Copy (iii) fund state mandated actions to meet legislative mandates or judicial or administrative orders that relate to promoting:

-59-2-1605 53(Effective -05/06/26) SB0206(Applies comparedbeginning with01/01/26). SB0206S04 59-2-1605.

Accounting records for levies -- Records -- Report to Legislature, commission{,commission } -- Budget to Division of Finance.

(1) Each county shall separately budget and account for the use of any money [received[ received or expended from a levy imposed under] the county receives or spends from a levy the county imposes in accordance with Section 59-2-1602.

(2) The {fund } program manager shall separately budget and account for the use of any revenue received from the fund.

(3) On or before October 1 of each year, the {fund } program manager shall submit an electronic report to the Revenue and Taxation Interim Committee and the commission that contains:

(i) the amount of revenue allocated to the {fund } program manager for the current calendar year;and (ii) a summary of the uses of the revenue during the current calendar year;

and {(iii)(ii) {revenuea receivedsummary fromof licensingthe uses of the statewiderevenue propertyduring taxthe systemcurrent software;calendar year;

and}and } (b) a status report on:

(4) On or before December 31 of each year, the {fund } program manager shall submit a detailed budget for the upcoming calendar year to the Division of Finance.

(5) For the calendar year that begins on January 1, 2026, the {fund } program manager shall submit a detailed budget for the current year to the Division of Finance on May 6, 2026.

59-2-1606.59-2-1606 (Effective 05/06/26) (Applies beginning 01/01/26).

{Property Tax Valuation Fund -- } Statewide property tax- system52 funding- forEnrolled countiesCopy --S.B. Disbursements to the {fund } program manager -- Use of funds.

(1)206 {(a)tax Theresystem isfunding createdfor acounties custodial-- fundDisbursements into the Divisionprogram ofmanager Finance-- knownUse as the "Property Tax Valuation Fund."} {(b) The fund consists of:} {(i) revenue from the multicounty assessing and collecting levy;} {(ii) penalties described in Section 59-2-1602;} {(iii) interest on money deposited into the fund;} - 54 - SB0206 compared with SB0206S04 {(iv) unexpended revenue from the licensing of thefunds. statewide property tax system;

and}(1) {(v)The the[funds statewidedeposited propertyinto taxthe systemMulticounty andAppraisal statewideTrust webin portals,accordance includingwith intellectualSection property59-2-1602 rights.}shall {(c)be Theused Divisionto ofprovide Financefunding shallfor] allocatepurpose moneyfor increating the fund foris the calendar year to theprovide fund manager:} {(i) after the Divisioncounties ofwith: Finance verifies the expenses are reasonable and comply with Subsection (3);

and } {(ii) for revenue the Division of Finance receives after the Division of Finance verifies the budget in accordance with Subsection (1)(c)(i), within 30 days after receipt of the money.} {(d) Subject to the requirements of this section, the fund manager shall have:} {(i) sole authority to:} {(A) determine expenditure of revenue the Division of Finance allocates to the fund manager, including provision of property valuation services within counties;

and} {(B) oversee the maintenance and enhancement of a statewide property tax system, including statewide web portals, that meets the requirements of this section;

and} {(ii) {control over the statewide property tax system and the statewide web portals to develop, enhance, maintain, and implement.} {(2)} The [funds deposited into the Multicounty Appraisal Trust in accordance with Section 59-2-1602 shall be used to provide funding for] purpose for creating the fund is to provide the counties with:

(2)(2)(a) (a) The statewide property tax system shall comply with rules the commission establishes in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.

- 55 - SB0206 compared with SB0206S04 (b) The fund manager, in conjunction with the commission, shall establish annual performance metrics for the development of the statewide property tax system.

(3)(3)(a) (a) Except as described in Subsection (3)(b), each county shall adopt the statewide property tax system.

[(2)[(2)(a) (a) An association representing at least two-thirds of the counties in the state shall appoint a trustee.] [(b) The trustee of the Multicounty Appraisal Trust shall:] [(i) determine which projects to fund, including property valuation services within counties;

and] [(ii) oversee the administration of a statewide property tax system that meets the requirements of Subsection (1)(a).] [(3)- {[(a)}53 Subject- toS.B. Subsection (3)(b), the trustee of the Multicounty Appraisal Trust may, in order to promote the objectives described in Subsection (1), use funds deposited into the Multicounty Appraisal Trust to hire one or more professional appraisers to provide property valuation services within a county of the third, fourth, fifth, or sixth class.] [(b){] {{(a)} } The fund manager may spend money the Division of Finance allocates to the fund manager only to:} {(i) subject to Subsection (3)(b), hire one or more professional appraisers to provide property valuation services within a county of the third, fourth, fifth, or sixth class, as classified in Section 17-60-104;} {(ii) perform the duties related to telecommunications service providers described in Sections 59-2-306.5 and 59-2-307;} {(iii) mediate factoring orders as required by Section 59-2-704;} {(iv) coordinate with the commission to conduct a study to determine the need for adjustment to the rate of the recovery fee as required by Section 59-2-2002;

and}206 {(v)Enrolled performCopy [(3)(a) Subject to Subsection (3)(b), the dutiestrustee of the Multicounty Appraisal Trust may, in order to promote the objectives described in SubsectionsSubsection (2)(1), anduse (6)funds throughdeposited (8).}into -the 56Multicounty -Appraisal SB0206Trust comparedto withhire SB0206S04one {(b)or {(i)}more professional appraisers to provide property valuation services within a county of the third, fourth, fifth, or sixth class.] [(b) A professional appraiser hired to provide property valuation services under this Subsection (3) shall{[}shall:] :][(i) [(i){]hold }hold an appraiser's certificate or license from the Division of Real Estate in accordance with Title 61, Chapter 2g, Real Estate Appraiser Licensing and Certification Act{[}Act; ;

and] [(ii) {.be approved by:] [(A) the commission;

and] [(B) an association representing two or more counties in the state.] [(4)(a) Except as provided in Subsection (4)(b), each county shall adopt the statewide property tax system on or before January 1, 2026.] [(b) A county is exempt from the requirement in Subsection (4)(a) if:] [(i) the county utilizes a computer assisted property tax system for mass appraisal other than the statewide property tax system;] [(ii) bethe approvedcounty by:]demonstrates [(A)to the commission;trustee of the Multicounty Appraisal Trust and to the commission that the property tax system described in Subsection (4)(b)(i) is interoperable with the statewide property tax system;

and] [(B)[(iii) anthe associationtrustee representingof twothe orMulticounty moreAppraisal countiesTrust inand the state.] {(ii) The commission shall approve athe professionalcounty's appraiserexemption beforefrom the fundrequirement managerin hiresSubsection the(4)(a).] professional[(c) appraiser.} {(iii) The fundcommission managerand shallan determineassociation that hiringrepresents aat professionalleast appraisertwo-thirds toof provide property valuation services promotes the objectivescounties described in Subsectionthe (2)(a)state beforeshall hiringassist aany professional appraiser.} [(4) (a) Except as provided in Subsection (4)(b), each county shalladopting adopt the statewide property tax systemsystem.] on[(5)] or(4) before[In Januaryorder 1,to 2026.]promote [(b) A county is exempt from the requirementobjectives described in Subsection (4)(a)(1), if:] [(i) the countytrustee utilizesof a computer assisted property tax system for mass appraisal other than the statewideMulticounty propertyAppraisal taxTrust system;]shall [(ii)use thefunds countydeposited demonstratesinto to the trustee of the Multicounty Appraisal Trust andto] toTo thepromote commission that the propertypurposes tax system described in Subsection (4)(b)(i)(1), is interoperable with the statewideprogram propertymanager taxshall: system;

and](a) [(iii)maintain the trustee of the Multicounty Appraisal Trust and theenhance commission approve the county's exemption from the requirement in Subsection (4)(a).] [(c) The commission and an association that represents at least two-thirds of the counties in the state shall assist any county adopting the statewide property tax system.] {(4)} {(a) The statewide property tax system shall comply with rules the commission establishes in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act.} - 57 - SB0206 compared with SB0206S04 {(b) The fund manager, in conjunction with the commission, shall establish annual performance metrics for the development of the statewide property tax system.} {(5)} {(a) Except as described in Subsection (5)(b),(2); each county shall adopt the statewide property tax system.} {(b) A county may adopt only part of the statewide property tax system or none of the system if the county demonstrates to the commission that:} {(i) the county uses a property tax system that includes a computer assisted mass appraisal system and comply with rules the commission establishes in accordance with Subsection (4)(a);

and}(b) {(ii)subject the county's overall system is able to exchangeSubsection data[(6)] with(5), develop and makemaintain usea of data received from the statewide propertyweb taxportal system.}for [(5)]uniform (6){(4)}access [In order to promoteproperty thecharacteristics objectivesand describedfeatures inrelevant Subsectionto (1), the trusteevaluation of thereal Multicountyproperty; Appraisal Trust shall use funds deposited into the Multicounty Appraisal Trust to] To promote the purposes described in Subsection (1), the program manager shall{:{]} To promote the objectives described in Subsection (2), the fund manager shall:} (a) maintain and enhance the statewide property tax system in accordance with Subsection {(4)} (2);

(b)[(b)] (c) subject to Subsection [(6)][(7)] {(7)}(6), (5), develop and maintain a statewide web portal for uniform- access54 to- propertyEnrolled characteristicsCopy andS.B. features relevant to the valuation of real property;

[(b)]206 (c) subject to Subsection [(7)] {(8)} (6), develop and maintain a statewide web portal for the uniform electronic filing of an application to appeal the valuation or equalization of real property with a county board of equalization under Section 59-2-1004;

[(6)] (7){(5)}(5)(a) (a) The statewide web portal for uniform access to property characteristics and features developed {[under{]}under in accordance with} Subsection [(5)(a)] {(6)(b)} (4)(b) shall specify, at a minimum, [specify[ specify ]the following property characteristics and features:

[(iv) mailing address;] - 58 - SB0206 compared with SB0206S04 [(v)] (iii) tax area;

(b) In developing the statewide web portal for uniform access to property characteristics and features under Subsection [(5)(a)] {(6)(b)} (4)(b), the [Multicounty Appraisal Trust] {fund } program manager may link the statewide web portal to a web portal [maintained by ]a] a county maintains {maintainsfor }for accessing property characteristics and features within the county if the [Multicounty Appraisal Trust] program manager{ {]} fund manager }determinesdetermines that the county web portal meets the requirements of Subsection [(6)(a)] {(7)(a)} (5)(a).

[(7)] (8){(6)}(6) In developing the statewide web portal for the uniform electronic filing of appeal applications under Subsection [(5)(b)] {(6)(c)} (4)(c), the [Multicounty Appraisal Trust] {fund } program manager may link the statewide web portal to a web portal [maintained by ]a county{county maintains} maintains for the uniform electronic filing of appeal applications if the [Multicounty Appraisal Trust] {fund } program manager determines that the county web portal provides equivalent functions as the statewide web portal.

59-2-2001.- 55 - S.B.

206 Enrolled Copy 59-2-2001 (Effective 05/06/26) (Applies beginning 01/01/26).

(1)(1)(a) (a)"Heavy {"Fundequipment" manager" means thetangible samepersonal asproperty thatthat: term is defined in Section 59-2-1601.

{(b)} "Heavy equipment" means tangible personal property that:

-(b) 59 - SB0206 compared with SB0206S04 {[(b){]} {(c)} } "Heavy equipment" includes:

[(2) "Multicounty Appraisal Trust" means the same as that term is defined in Section 59-2-1601.] {[(3){]}(3) {(2)} } "Qualified rental business" means a business entity located in this state:

{[(4){]}(4) {(3)} } "Recovery fee" means the fee authorized in Subsection 59-2-2002(1).

{[(5){]}(5) {(4)} } "Rental" means the same as the terms "lease" or "rental" are defined in Section 59-12-102.

{[(6){]}(6)(a) {(5)} } (a) "Rental charge" means the amount charged to a renter by a qualified rental business- for56 the- rentalEnrolled ofCopy heavyS.B. equipment.

206 business for the rental of heavy equipment.

-(7) 60 - SB0206 compared with SB0206S04 {[(7){]} {(6)} } "Renter" means the person to which a qualified rental business rents heavy equipment.

59-2-2002.59-2-2002 (Effective 05/06/26) (Applies beginning 01/01/26).

(5)(5)(a) (a) The commission shall:

(i) in coordination with county assessors and the [Multicounty Appraisal Trust] {fund } program manager, conduct a study to determine the need for adjustment to the rate authorized under Subsection (1) for purposes of property tax reimbursement;

(b) [A] Upon request by the commission, a county assessor or the [Multicounty Appraisal Trust] {fund } program manager shall[, upon request by the commission,] provide to the commission any information necessary to complete the study required under Subsection (5)(a)(i).

Section 2759-35-101 is enacted to read:

Tax Increment Financing Reporting Part- 1.57 - S.B.

General206 ProvisionsEnrolled 59-35-101.Copy Part 1.

General Provisions 59-35-101 (Effective 05/06/26).

- 61 - SB0206 compared with SB0206S04 (1) "Agency" means a community reinvestment agency, as defined in Section 17C-1-102.

(9)- "Established58 base- year"Enrolled meansCopy theS.B. year designated in a project area plan, a project area budget, or an interlocal agreement for the purpose of calculating tax increment.

206 (9) "Established base year" means the year designated in a project area plan, a project area budget, or an interlocal agreement for the purpose of calculating tax increment.

- 62 - SB0206 compared with SB0206S04 (a) for an agency, the community reinvestment agency board;

(ii) the percentage of the total amount of tax increment generated within the project area;- 59 - S.B.

206 Enrolled Copy area;

- 63 - SB0206 compared with SB0206S04 (i) is authorized to use to pay for the TIF entity's administrative costs;

(17)(17)(a) (a) "Property tax increment" means the amount of revenue a project area generates from property tax that exceeds the amount of revenue from the property tax that was generated in the project area:

(21) "STATS" means the Statewide Tax Administration and Technology Solutions program,- created60 in- SectionEnrolled 59-1-1902.Copy S.B.

206 program, created in Section 59-1-1902.

- 64 - SB0206 compared with SB0206S04 (23) "Taxing entity" means a government entity that:

Section 2859-35-201 is enacted to read:

Pre-increment Disclosure and Reporting 59-35-201.59-35-201 (Effective 05/06/26).

(c)- the61 type- ofS.B. tax increment sought for use;

-206 65Enrolled -Copy SB0206(c) compared with SB0206S04 (d) the amounttype of tax increment thatsought afor TIFuse; entity is authorized to use as a result of a specified event:

(d) the amount of tax increment that a TIF entity is authorized to use as a result of a specified event:

Section 2959-35-202 is enacted to read:

59-35-202.59-35-202 (Effective 05/06/26).

Section 3059-35-203 is enacted to read:

59-35-203.59-35-203 (Effective 05/06/26).

(2)(2)(a) (a) Except as provided in Subsection (2)(b), a TIF entity described in Subsection (1) shall- notify:62 - Enrolled Copy S.B.

206 shall notify:

- 66 - SB0206 compared with SB0206S04 (A) for which the TIF entity has submitted the information required under Section 59-35-201;

(3)(3)(a) (a) If a TIF entity does not engage in a specified event within five years after the day on which the TIF entity submits the information required by Section 59-35-201, the TIF entity shall:

(b)(b)(i) (i) If a TIF entity's disclosure includes all the information required by this Subsection (3), the TIF entity may engage in a specified event.

(4)(4)(a) (a) A local entity that receives more tax increment than projected is required to use the additional or excess revenue to defease any bond the local entity issued or accelerate repayment of any debts the local entity incurred if the bond or debt does not have any penalty or prohibition on defeasance of the bond or acceleration of the debt repayment.

(c)(c)(i) - 67 - SB0206 compared with SB0206S04 (i) A TIF entity is responsible for monitoring the TIF entity's receipt of tax increment and notifying taxing entities and collecting entities when the TIF entity is approaching, has met, or has exceeded the amount of tax increment stated in the disclosure.- 63 - S.B.

206 Enrolled Copy disclosure.

Section 3159-35-204 is enacted to read:

59-35-204.59-35-204 (Effective 05/06/26).

Section 3259-35-301 is enacted to read:

Tax Increment Receipt Reporting 59-35-301.59-35-301 (Effective 05/06/26).

- 68 - SB0206 compared with SB0206S04 (3) On January 1, 2028, and on each January 1 thereafter, a TIF entity shall submit to the program manager a summary of the progress of each project area.

(4)- The64 program- managerEnrolled shallCopy establishS.B. the manner in which a TIF entity shall submit the information described in Subsections (1) through (3).

206 (4) The program manager shall establish the manner in which a TIF entity shall submit the information described in Subsections (1) through (3).

(b)(b)(i) (i) if the TIF entity has received tax increment from a project area, the amount of tax increment by calendar year, including:

(i)- any65 significant- infrastructureS.B. development, site development, participation agreements, or vertical construction within the project area;

and206 -Enrolled 69Copy -(i) SB0206any comparedsignificant withinfrastructure SB0206S04development, (ii)site otherdevelopment, detailsparticipation ofagreements, TIFor entityvertical actionconstruction and development within the project area,area; including:

and (ii) other details of TIF entity action and development within the project area, including:

Section 3359-35-302 is enacted to read:

59-35-302.59-35-302 (Effective 05/06/26).

(B)- the66 total- acresEnrolled includedCopy inS.B. project areas;

206 (B) the total acres included in project areas;

- 70 - SB0206 compared with SB0206S04 (D) the percentage of property tax for all taxing entities within the county that is allocated as tax increment;

(2)(2)(a) (a) If the program manager does not receive, on or before April 1 of the year the information is due, the information that a TIF entity is required to provide under Section 59-35-301, the program manager shall:

(b) If, for two consecutive years, the program manager does not receive information a TIF- entity67 is- requiredS.B. to provide under Section 59-35-301:

-206 71Enrolled -Copy SB0206 compared with SB0206S04 (i) the program manager shall notify, no later than April 1 of the second consecutive year, the county auditor and the county treasurer of the county in which the noncompliant TIF entity is locatedrequired ofto theprovide TIFunder entity'sSection noncompliance;59-35-301:

(i) the program manager shall notify, no later than April 1 of the second consecutive year, the county auditor and the county treasurer of the county in which the noncompliant TIF entity is located of the TIF entity's noncompliance;

(c)(c)(i) (i) Subject to Subsection (2)(c)(ii), the county treasurer may not withhold funds as described in Subsection (2)(b)(ii) if the disbursement of tax increment is necessary to meet contractual or debt service obligations.

(4)(4)(a) (a) The database, reporting, and auditing requirements of this part are a supplement to the state auditor's authority to audit TIF entities.

63H-1-501.63H-1-501 (Effective 05/06/26).

(1)(1)(a) (a) The authority may:

and - 72 - SB0206 compared with SB0206S04 (B) after the time period described in Subsection (1)(a)(i)(A) expires, receive up to 75% of the property tax allocation for up to 15 years, if the board determines the- additional68 years- willEnrolled produceCopy significantS.B. benefit;

and206 (ii) use the propertyadditional taxyears allocationwill before,produce during,significant andbenefit; after the period described in Subsection (1)(a) (i).

(b)and With(ii) respectuse tothe aproperty parceltax locatedallocation withinbefore, aduring, projectand area,after the 25-year period described in Subsection (1)(1)(a)(i). (a)(i)(A) begins on the day on which the authority receives the first property tax allocation from that parcel.

(2)(b) (a)With Forrespect purposesto ofa Subsectionparcel (1)(b),located within a project area, the authority25-year mayperiod designatedescribed anin improvedSubsection portion(1)(a)(i)(A) ofbegins aon parcelthe inday aon projectwhich areathe asauthority areceives separatethe first property tax allocation from that parcel.

(2)(a) For purposes of Subsection (1)(b), the authority may designate an improved portion of a parcel in a project area as a separate parcel.

(4)(4)(a) (a) If the authority or an entity designated by the authority has not issued a certificate of occupancy for a private parcel within a project area, the private parcel owner shall make an annual payment to the authority:

- 73 - SB0206 compared with SB0206S04 (i) a copy of an agreement between the authority and the private parcel owner that memorializes the payment obligation under Subsection (4)(a);

(e)- Upon69 the- transferS.B. of title of a private parcel described in Subsection (4)(a), the amount of the annual payment required under Subsection (4)(a) shall be:

206 Enrolled Copy (e) Upon the transfer of title of a private parcel described in Subsection (4)(a), the amount of the annual payment required under Subsection (4)(a) shall be:

(f) A person who fails to pay or is delinquent in paying an annual payment described in Subsection (4)(4)(a) (a) is subject to the same penalties and interest as the failure or delinquent payment of a property tax in accordance with Title 59, Chapter 2, Property Tax Act.

(6)(6)(a) (a) The board shall determine by resolution when the entire project area or an individual parcel within a project area is subject to property tax allocation.

- 74 - SB0206 compared with SB0206S04 (a) a hotel;

(8) If the authority intends to receive or receives tax increment, as defined in Section 59-35-101,- the70 authority- shallEnrolled complyCopy withS.B. the reporting requirements described in Title 59, Chapter 35, Tax Increment Financing Reporting.

206 59-35-101, the authority shall comply with the reporting requirements described in Title 59, Chapter 35, Tax Increment Financing Reporting.

63I-1-259.63I-1-259 (Effective 05/06/26).

{(EffectiveRepeal 05/06/26)} {(Applies beginning 01/01/26)}(Effective 05/06/26)Repeal dates:

63N-3-602.63N-3-602 (Effective 05/06/26).

or - 75 - SB0206 compared with SB0206S04 (b) equal to or less than 60% of the county median gross income for households of the same size, in certain circumstances as provided in this part.

(4) "Base year" means, for each property tax increment collection period triggered within a proposed housing and transit reinvestment zone or convention center reinvestment zone project area, the calendar year prior to the calendar year the property tax increment begins to be collected for the parcels that are in a project that is triggered for that collection- period.71 - S.B.

206 Enrolled Copy collection period.

(8)(8)(a) (a) "Commuter rail" means a regional passenger rail transit facility operated by a large public transit district.

or - 76 - SB0206 compared with SB0206S04 (d) at the landing point of a pedestrian bridge or vehicle bridge extending from an existing commuter rail station.

(13)(13)(a) (a) "Developable area" means the portion of land within a housing and transit reinvestment zone available for development and construction of business and residential- uses.72 - Enrolled Copy S.B.

206 residential uses.

(a)(a)(i) (i) is the county seat of a county of the first class;

- 77 - SB0206 compared with SB0206S04 (17) "Enhanced development costs" means extra costs associated with structured parking costs, vertical construction costs, horizontal construction costs, life safety costs, structural costs, conveyor or elevator costs, and other costs incurred due to the increased height of buildings or enhanced development.

(24)- "Light73 rail"- meansS.B. a passenger rail public transit system with right-of-way and fixed rails:

206 Enrolled Copy (24) "Light rail" means a passenger rail public transit system with right-of-way and fixed rails:

- 78 - SB0206 compared with SB0206S04 (30) "Participation agreement" means the same as that term is defined in Section 17C-1-102, except that the agency may not provide and the person may not receive a direct subsidy.

(32)(32)(a) (a) "Property tax increment" means the difference between:

(i)- a74 multicounty- assessingEnrolled andCopy collectingS.B. levy described in [Subsection 59-2-1602(2)] Section 59-2-1602;

206 (i) a multicounty assessing and collecting levy described in [Subsection 59-2-1602(2)] Section 59-2-1602;

- 79 - SB0206 compared with SB0206S04 (iv) imposed by a county of the first class under Section 59-12-1102;

(a)- for75 a- housingS.B. and transit reinvestment zone, the difference between:

206 Enrolled Copy (a) for a housing and transit reinvestment zone, the difference between:

- 80 - SB0206 compared with SB0206S04 (A) imposed by a city of the first class in a county of the first class under Title 59, Chapter 12, Part 2, Local Sales and Use Tax Act;

(42) "Vertical construction costs" means the additional costs associated with construction above four stories and structured parking to achieve enhanced development in the housing- and76 transit- reinvestmentEnrolled zone.Copy S.B.

206 housing and transit reinvestment zone.

63N-3-603.1.63N-3-603.1 (Effective 05/06/26).

- 81 - SB0206 compared with SB0206S04 (a) redevelopment of a convention center and surrounding infrastructure and assets that directly serve the convention center, including parking facilities;

(4)(4)(a)(i) (a) (i) A convention center reinvestment zone proposal may propose the capture of 100% of the property tax increment and 100% of the sales and use tax increment described in Subsection 63N-3-602(38)(b)(ii) for a period of 30 years.

(ii) For a convention center reinvestment zone in a capital city, in addition to the proposed capture of property tax increment and sales and use tax increment described in Subsection (4)(a)(i), the convention center reinvestment zone may propose- the77 capture- ofS.B. 50% of the sales and use tax increment described in Subsection 63N-3-602(38)(b)(i).

206 Enrolled Copy propose the capture of 50% of the sales and use tax increment described in Subsection 63N-3-602(38)(b)(i).

(e)(e)(i) (i) For a convention center reinvestment zone in a capital city, revenue from the property tax increment and sales and use tax increment shall be distributed directly to a convention center public infrastructure district in a capital city created as required in Subsection 63N-3-607(8)(b);

and (ii) For a convention center reinvestment zone in a city other than a capital city, revenue from the property tax increment and sales and use tax increment may be distributed directly to the - 82 - SB0206 compared with SB0206S04 municipality or public infrastructure district as described in the convention center reinvestment zone proposal.

(6)(6)(a) (a) For a convention center reinvestment zone in a capital city, the Governor's Office of Economic Opportunity shall propose a convention center reinvestment zone on or before April 15, 2025.

(b)- For78 a- conventionEnrolled centerCopy reinvestmentS.B. zone that is not in a capital city, the Governor's Office of Economic Opportunity shall propose a convention center reinvestment zone within 60 days after receiving a petition from the relevant city.

206 (b) For a convention center reinvestment zone that is not in a capital city, the Governor's Office of Economic Opportunity shall propose a convention center reinvestment zone within 60 days after receiving a petition from the relevant city.

63N-3-607.63N-3-607 (Effective 05/06/26).

(b)(b)(i) (i) a public infrastructure district shall use the funds from a convention center reinvestment zone in a capital city within or for the benefit of a convention center reinvestment zone in a capital city;

and - 83 - SB0206 compared with SB0206S04 (ii) funds from a convention center reinvestment zone in a capital city may be used outside of the capital city convention center reinvestment zone if the use meets the objectives described in Section 63N-3-603.1 and is determined by the board of the public infrastructure district to be a direct benefit to the convention center reinvestment zone in a capital city;

(2)(2)(a) (a) Except as provided in Subsection (3), a county that collects property tax on property located within a housing and transit reinvestment zone shall, in accordance with Section 59-2-1365, distribute to the municipality or public transit county any property tax increment the municipality or public transit county is authorized to receive up to the maximum approved by the housing and transit reinvestment zone committee.

(b) Property tax increment distributed to a municipality or public transit county in accordance with Subsection (2)(a) is not revenue of the taxing entity or municipality or- public79 transit- county.S.B.

(c)206 (i)Enrolled PropertyCopy tax increment paid to the municipality or public transit countycounty. are housing and transit reinvestment zone funds and shall be administered by an agency created by the municipality or public transit county within which the housing and transit reinvestment zone is located.

(c)(i) Property tax increment paid to the municipality or public transit county are housing and transit reinvestment zone funds and shall be administered by an agency created by the municipality or public transit county within which the housing and transit reinvestment zone is located.

(3)(3)(a) (a) A county that collects property tax on property located within a convention center reinvestment zone shall, in accordance with Section 59-2-1365, distribute to the relevant public infrastructure district created by the eligible municipality any property tax increment the public infrastructure district is authorized to receive up to the amounts approved by the housing and transit reinvestment zone committee.

- 84 - SB0206 compared with SB0206S04 (b) Property tax increment distributed to a public infrastructure district in accordance with Subsection (3)(a) is not revenue of the taxing entity or municipality.

(4)(4)(a)(i) (a) (i) A municipality or public transit county and agency shall use housing and transit reinvestment zone funds within, or for the direct benefit of, the housing and transit reinvestment zone.

(5)(5)(a) (a) A municipality or public transit county shall use housing and transit reinvestment zone funds to achieve the purposes described in Subsections 63N-3-603(1) and (2), by- paying80 all- orEnrolled partCopy ofS.B. the costs of any of the following:

206 by paying all or part of the costs of any of the following:

or - 85 - SB0206 compared with SB0206S04 (viii) subject to Subsection (5)(b), costs for the construction or expansion of child care facilities within the boundary of the housing and transit reinvestment zone.

(7)(7)(a) (a) Housing and transit reinvestment zone funds may be used to pay all of the costs of bonds issued by the municipality or public transit county in accordance with Title 17C, Chapter 1, Part 5, Agency Bonds, including the cost to issue and repay the bonds including interest.

(8)(8)(a) (a) A municipality or public transit county may create one or more public infrastructure districts within the housing and transit reinvestment zone under Title 17D, Chapter 4, Public Infrastructure District Act, and pledge and utilize the housing and transit reinvestment zone funds to guarantee the payment of public infrastructure bonds issued by a public infrastructure district.

(b) An eligible municipality that is a capital city shall create one or more public infrastructure- districts81 within- theS.B. convention center reinvestment zone under Title 17D, Chapter 4, Public Infrastructure District Act, and the convention center reinvestment zone funds may be used to pay all or any portion of debt incurred by the public infrastructure district, including the cost to issue and repay the debt including interest.

206 Enrolled Copy infrastructure districts within the convention center reinvestment zone under Title 17D, Chapter 4, Public Infrastructure District Act, and the convention center reinvestment zone funds may be used to pay all or any portion of debt incurred by the public infrastructure district, including the cost to issue and repay the debt including interest.

63N-3-609.63N-3-609 (Effective 05/06/26).

- 86 - SB0206 compared with SB0206S04 (1) Upon petition by a participating taxing entity or on the initiative of the housing and transit reinvestment zone committee creating a housing and transit reinvestment zone or convention center reinvestment zone, a housing and transit reinvestment zone or convention center reinvestment zone may suspend or terminate the collection of property tax increment in a housing and transit reinvestment zone or convention center reinvestment zone if the housing and transit reinvestment zone committee determines, by clear and convincing evidence, presented in a public meeting of the housing and transit reinvestment zone committee, that:

and (b)(b)(i) (i) the housing and transit reinvestment zone or convention center reinvestment zone and related public infrastructure district has no indebtedness secured by funds provided for in this chapter;

(3) The agency administering the property tax increment collected in a housing and transit reinvestment zone under Subsection 63N-3-607(2)(c) or the public infrastructure district administering- the82 property- taxEnrolled incrementCopy collectedS.B. in a convention center reinvestment zone under Subsection 63N-3-607(3)(c), shall have standing in a court with proper jurisdiction to enforce provisions of the housing and transit reinvestment zone or convention center reinvestment zone proposal, participation agreements, and other agreements for the use of the property tax increment collected.

(4)206 The agency administering property tax increment from a housing and transit reinvestment zone under Subsection 63N-3-607(2)(c) or the public infrastructure district administering the property tax increment collected in a convention center reinvestment zone under Subsection 63N-3-607(3)63N-3-607(3)(c), (c)shall whichhave isstanding collectingin propertya taxcourt incrementwith shallproper followjurisdiction theto [reportingenforce ]requirementsprovisions describedof inthe [Sectionhousing 17C-1-603]and Titletransit 59,reinvestment Chapterzone 35,or Taxconvention Incrementcenter Financingreinvestment Reporting,zone proposal, participation agreements, and theother auditagreements requirementsfor describedthe inuse Sectionsof 17C-1-604the andproperty 17C-1-605.tax increment collected.

-(4) 87The -agency SB0206administering comparedproperty withtax SB0206S04increment (5)from Fora each housing and transit reinvestment zone under Subsection 63N-3-607(2)(c) or the public infrastructure district administering the property tax increment collected in a convention center reinvestment zone under Subsection 63N-3-607(3)(c) which is collecting property tax increment withinshall afollow county, the county[reporting auditor]requirements shalldescribed followin [Section 17C-1-603] Title 59, Chapter 35, Tax Increment Financing Reporting, and the reportingaudit requirementrequirements founddescribed in SectionSections 17C-1-606.17C-1-604 and 17C-1-605.

(5) For each housing and transit reinvestment zone or convention center reinvestment zone collecting tax increment within a county, the county auditor shall follow the reporting requirement found in Section 17C-1-606.

63N-3-1601.63N-3-1601 (Effective 05/06/26).

or (b)(b)(i) (i) for homes that are owner occupied, housing that is priced at 80% of the county median home price;

(4) "Base year" means, for each tax increment collection period triggered within a proposed first home investment zone area, the calendar year prior to the calendar year the tax increment- begins83 to- beS.B. collected for those parcels triggered for that collection period.

(5)206 (a)Enrolled "DevelopableCopy area"increment meansbegins theto portionbe ofcollected landfor withinthose aparcels firsttriggered home investment zone available for developmentthat andcollection constructionperiod. of business and residential uses.

(5)(a) "Developable area" means the portion of land within a first home investment zone available for development and construction of business and residential uses.

- 88 - SB0206 compared with SB0206S04 (v) parking;

(13) "Mixed use development" means the same as that term is defined in Section [63N-3-603][ 63N-3-603] 63N-3-602.

(14)- "Moderate84 income- housingEnrolled plan"Copy meansS.B. the same as that term is defined in Section 11-41-102.

206 (14) "Moderate income housing plan" means the same as that term is defined in Section 11-41-102.

-(18)(a) 89 - SB0206 compared with SB0206S04 (18) (a) "Project improvements" means site improvements and facilities that are:

(20)(20)(a) (a) "System improvements" means existing and future public facilities that are designed to provide services to service areas within the community at large.

(21)(21)(a) (a) "Tax increment" means the difference between:

(23)- "Unencumbered85 annual community reinvestment agency revenue" means tax increment revenue received by the agency for purposes identified in Title 17C, Limited Purpose Local Government Entities - CommunityS.B. Reinvestment Agency Act, that:

206 Enrolled Copy (23) "Unencumbered annual community reinvestment agency revenue" means tax increment revenue received by the agency for purposes identified in Title 17C, Limited Purpose Local Government Entities - Community Reinvestment Agency Act, that:

- 90 - SB0206 compared with SB0206S04 Section 41.

63N-3-1606.63N-3-1606 (Effective 05/06/26).

(2)(2)(a) (a) A county that collects property tax on property located within a first home investment zone shall, in accordance with Section 59-2-1365, distribute to the municipality any tax increment the municipality is authorized to receive up to the maximum approved by the housing and transit reinvestment zone committee.

(b)(b)(i) (i) Except as provided in Subsection (2)(b)(ii), tax increment paid to the municipality are first home investment zone funds and shall be administered by the municipality within which the first home investment zone is located.

(3)(3)(a) (a) A municipality and the agency shall use first home investment zone funds for the benefit of the first home investment zone and related extraterritorial housing.

(4) In accordance with Subsection 63N-3-1502(4)(e), a municipality shall use the first home investment zone funds to achieve the purposes described in Subsections 63N-3-1502(1) and (2), by paying - 9186 - SB0206Enrolled comparedCopy withS.B. SB0206S04 all or part of the costs associated with the first home investment zone and extraterritorial homes, including:

206 (4) In accordance with Subsection 63N-3-1502(4)(e), a municipality shall use the first home investment zone funds to achieve the purposes described in Subsections 63N-3-1502(1) and (2), by paying all or part of the costs associated with the first home investment zone and extraterritorial homes, including:

63N-3-1608.63N-3-1608 (Effective 05/06/26).

and (b)(b)(i) (i) the first home investment zone has no indebtedness;

or - 92 - SB0206 compared with SB0206S04 (ii) the first home investment zone has no binding financial obligations.

(2)- A87 first- homeS.B. investment zone may not collect tax increment in excess of the tax increment projections or limitations set forth in the first home investment zone proposal and disclosed in accordance with Title 59, Chapter 35, Part 2, Pre-increment Disclosure and Reporting.

206 Enrolled Copy (2) A first home investment zone may not collect tax increment in excess of the tax increment projections or limitations set forth in the first home investment zone proposal and disclosed in accordance with Title 59, Chapter 35, Part 2, Pre-increment Disclosure and Reporting.

(4) The agency administering tax increment from a first home investment zone under Subsection 63N-3-1606(2) shall follow the [reporting ]requirements described in [Section[ Section 17C-1-603] Title 59, Chapter 35, Tax Increment Financing Reporting, and the audit requirements described in Sections 17C-1-604 and 17C-1-605.

63N-3-1701.63N-3-1701 (Effective 05/06/26).

(5)(5)(a) (a) "Major sporting event venue" means a venue that has been or is proposed to be used for the Olympic Games, as confirmed by the Salt Lake City-Utah Committee for the Games, a site, arena, or facility along with supporting or adjacent structures [so long as] if the expected expenditures to construct, demolish, reconstruct, modify, upgrade, or expand the site, arena, or facility exceeds $100,000,000.

(b) "Major sporting event venue" includes structures where an international competition or professional athletic event is not taking place directly but where media, athletes, spectators, organizers, and officials associated with the international competition or professional athletic event are hosted in - 93 - SB0206 compared with SB0206S04 direct connection with the international competition or professional athletic event taking place at a location described in Subsection- (5)(a).88 - Enrolled Copy S.B.

206 Subsection (5)(a).

(9)(9)(a) (a) "Property tax increment" means the difference between:

or] - 94 - SB0206 compared with SB0206S04 [(ii) a county additional property tax described in Subsection 59-2-1602(4).] (10) "Proposal" means a document, physical or electronic, developed by a creating entity:

(a)- outlining89 the- needS.B. for a major sporting event venue zone;

206 Enrolled Copy (a) outlining the need for a major sporting event venue zone;

(13)(13)(a) (a) "Sales and use tax boundary" means a boundary established as described in Sections 63N-3-1707 and 63N-3-1710, based on sales and use tax collection that corresponds as closely as reasonably practicable to the boundary of the major sporting event venue zone.

(15)(15)(a) (a) "Secondary project area" means land, as described in a proposal to create a major sporting event venue zone or a proposal to amend a major sporting event venue zone, or as approved by a committee for a major sporting event venue zone:

- 95 - SB0206 compared with SB0206S04 (b) "Secondary project area" may include:

(i) land that is not contiguous to the major sporting event venue zone, if the land designated- in90 the- secondaryEnrolled projectCopy areaS.B. is the only or primary point of transit by which an individual may begin to access the major sporting event venue zone;

206 designated in the secondary project area is the only or primary point of transit by which an individual may begin to access the major sporting event venue zone;

63N-3-1708.63N-3-1708 (Effective 05/06/26).

- 96 - SB0206 compared with SB0206S04 (4) If the creating entity intends to receive or receives tax increment, as defined in Section 59-35-101,- the91 creating- entityS.B. shall comply with the requirements described in Title 59, Chapter 35, Tax Increment Financing Reporting.

[(4)]206 (5)Enrolled (a)Copy The59-35-101, executivethe directorcreating entity shall annuallycomply providewith athe writtenrequirements report,described noin laterTitle than59, OctoberChapter 1,35, summarizingTax allIncrement reportsFinancing receivedReporting. by the executive director under Subsection (3), to the:

[(4)] (5)(a) The executive director shall annually provide a written report, no later than October 1, summarizing all reports received by the executive director under Subsection (3), to the:

This Bill Repeals:

Effective date.

{This(1) } Except as provided in Subsection (2), this bill takes effect May 6, 2026.

(2)(2)(a) (a) The actions affecting Section 59-2-919.1 (Effective 07/01/26) take effect on July 1, 2026.

Retrospective Operation.

- 97 - SB0206 compared with SB0206S04 (5) Section 59-2-919.1 (Superseded 07/01/26);

(12)- Section92 59-2-2001;and- (13)Enrolled SectionCopy 59-2-2002{;S.B.

and}206 .(12) Section 59-2-2001;

{(14)and {Section(13) 63I-2-259.}Section }59-2-2002. 3-4-26 7:04 PM - 98 -

- 93 -