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Utah Administrative Code (Current through November 1, 2019) |
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R123. Auditor, Administration |
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R123-6. Allocation of Money in the Property Tax Valuation Agency Fund |
| R123-6-1. Authority |
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Latest version.
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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 |
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Latest version.
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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. 5. "Office" means the Office of the State Auditor. |
| R123-6-3. Disbursements |
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Latest version.
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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 Utah State Tax Commission) by the portion of their combined rate that exceeds the 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 Office shall authorize these disbursements on an annual basis. |