DAR File No. 38721

Auditor, Administration

Rule R123-6

Allocation of Money in the Property Tax Valuation Agency Fund

Notice of Proposed Rule

(New Rule)

DAR File No.: 38721
Filed: 07/31/2014 01:40:17 PM

RULE ANALYSIS

Purpose of the rule or reason for the change:

This rule is required by Section 59-2-1603.

Summary of the rule or change:

This rule provides the formula for disbursing monies from the property tax valuation agency fund.

State statutory or constitutional authorization for this rule:

• Section 59-2-1603

Anticipated cost or savings to:

the state budget:

Based upon the authorizing statute, this rule only applies to fourth, fifth, or sixth class counties, and all costs will be a part of the regular duties of the State Auditor's Office.

local governments:

There are minimal accounting costs incurred by the counties. Some paperwork may need to be filled out by accounting within a local governmental entity, which cost should be very minimal because the time will also be very minimal.

small businesses:

There will be no impact. The State Auditor does not regulate small business.

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

This should not affect anyone other than the above listed local governmental entities because based upon the authorizing statute, this rule only applies to fourth, fifth, or sixth class counties.

Compliance costs for affected persons:

Some paperwork may need to be filled out by accounting within a local governmental entity, which cost should be very minimal because the time will also be very minimal.

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

There is no impact.

Van Christensen, Director

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:

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

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:

09/15/2014

This rule may become effective on:

09/22/2014

Authorized by:

Maria Fandl, Administrative Assistant

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 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: 2014

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