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Home » 2015 Issues » Vol. 2015, No. 5 (03/01/2015) » No. 39136 (Amendment): Rule R123-6. Allocation of Money in the Property Tax Valuation Agency Fund

  No. 39136 (Amendment): Rule R123-6. Allocation of Money in the Property Tax Valuation Agency Fund  

  • (Amendment)

    DAR File No.: 39136
    Filed: 02/09/2015 02:22:30 PM

    RULE ANALYSIS

    Purpose of the rule or reason for the change:

    The purpose of this amendment is to clarify calculation for disbursement under this rule.

    Summary of the rule or change:

    The changes are to clarify calculation for disbursement, specifically the "...amount calculated when multiplying the county's Proposed Tax Rate Value (as calculated by the Tax Commission) by the portion of their combined rate that exceeds the mean rate".

    State statutory or constitutional authorization for this rule:

    Anticipated cost or savings to:

    the state budget:

    No anticipated costs or savings are expected. This change simply clarifies the calculation for disbursement.

    local governments:

    No anticipated costs or savings are expected. This change simply clarifies the calculation for disbursement.

    small businesses:

    No anticipated costs or savings are expected. This change simply clarifies the calculation for disbursement.

    persons other than small businesses, businesses, or local governmental entities:

    No anticipated costs or savings are expected. This change simply clarifies the calculation for disbursement.

    Compliance costs for affected persons:

    There will be no compliance cost because this amendment simply clarifies the calculation for disbursement.

    Comments by the department head on the fiscal impact the rule may have on businesses:

    There are no anticipated affects that the rule will have on businesses. The amended simply clarifies the calculation for disbursement.

    John Dougall, State Auditor

    The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

    Auditor
    Administration
    Room E310 EAST BUILDING
    420 N STATE ST
    SALT LAKE CITY, UT 84114-2310

    Direct questions regarding this rule to:

    Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

    03/31/2015

    This rule may become effective on:

    04/07/2015

    Authorized by:

    Van Christensen, Director

    RULE TEXT

    R123. Auditor, Administration.

    R123-6. Allocation of Money in the Property Tax Valuation Agency Fund.

    R123-6-1. Authority.

    As required by Section 59-2-1603, this rule provides the formula for disbursing monies from the property tax valuation agency fund.

     

    R123-6-2. Definitions.

    1. "Combined levy" means the sum of the local levy and the multi-county levy.

    2. "Local levy" means a property tax levied in accordance with Utah Code 59-2-1602(4).

    3. "Multi-county levy" means a property tax levied in accordance with Utah Code 59-2-1602(2).

    4. "Fund" means the Property Tax Valuation Agency Fund created in Utah Code 59-2-1602.

     

    R123-6-3. Disbursements.

    1. Subject to subsection (2), the disbursement of monies held in the fund shall be determined based on the following:

    a. Fourth, fifth, or sixth class counties whose respective combined levy exceeds the mean of the combined levies of all counties shall receive an amount from the fund equal to 50% of the amount calculated when multiplying the county's Proposed Tax Rate Value (as calculated by USTC) by the portion of their combined rate that exceeds the mean rate;[monies collected by the county in excess of that mean rate;] and

    b. a sixth class county shall not receive less than $30,000 annually from the fund.

    2. If available monies held in the fund are not sufficient to cover amounts calculated in subsection (1) the disbursement shall be reduced on a pro-rata basis.

    3. The State Auditor shall authorize these disbursements on an annual basis.

     

    KEY: counties, property tax

    Date of Enactment or Last Substantive Amendment: [November 28, 2014]2015

    Authorizing, and Implemented or Interpreted Law: 59-2-1603

     

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Document Information

Effective Date:
4/7/2015
Publication Date:
03/01/2015
Type:
Notices of Proposed Rules
Filed Date:
02/09/2015
Agencies:
Auditor, Administration
Rulemaking Authority:

Section 59-2-1603

Authorized By:
Van Christensen, Director
DAR File No.:
39136
Summary:

The changes are to clarify calculation for disbursement, specifically the "...amount calculated when multiplying the county's Proposed Tax Rate Value (as calculated by the Tax Commission) by the portion of their combined rate that exceeds the mean rate".

CodeNo:
R123-6
CodeName:
{35209|R123-6|R123-6. Allocation of Money in the Property Tax Valuation Agency Fund}
Link Address:
AuditorAdministrationRoom E310 EAST BUILDING420 N STATE STSALT LAKE CITY, UT 84114-2310
Link Way:

Paul Tonks, by phone at 801-538-9501, by FAX at , or by Internet E-mail at ptonks@utah.gov

Nicole Alder, by phone at 801-538-3240, by FAX at , or by Internet E-mail at nicolealder@utah.gov

AdditionalInfo:
More information about a Notice of Proposed Rule is available online. The Portable Document Format (PDF) version of the Bulletin is the official version. The PDF version of this issue is available at http://www.rules.utah.gov/publicat/bull-pdf/2015/b20150301.pdf. The HTML edition of the Bulletin is a convenience copy. Any discrepancy between the PDF version and HTML version is resolved in favor of the PDF version. Text to be deleted is struck through and surrounded by brackets ([example]). ...
Related Chapter/Rule NO.: (1)
R123-6. Allocation of Money in the Property Tax Valuation Agency Fund