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.

5. "Office" means the Office of the State Auditor.

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 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.

KEY: counties, property tax

Date of Enactment or Last Substantive Amendment: April 8, 2015

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