UT HB0484

Taxing entities cannot increase property tax revenue by more than 5% above the previous year's budgeted revenue (excluding new growth) without voter approval through a ballot question at a general election

The ballot question must specify the exact dollar amount of additional revenue being requested, and the taxing entity cannot exceed that approved amount

Eliminates the one-year "hold harmless" period that previously protected school districts from losing state guaranteed funding when their certified tax rate decreased due to property valuation changes

School districts receiving excess state guarantee funds above what their certified tax rate would generate will have those excess funds phased out over three years: 100% in 2026, 66% in 2027, 33% in 2028, and 0% in 2029

Effective date is July 1, 2026