UT HB0485

Caps "new growth" property tax revenue that taxing entities can collect at the lesser of the actual eligible new growth amount or an inflation-adjusted budget increase tied to the Consumer Price Index

Introduces "maximum new growth revenue" as the new limiting factor, replacing the previous "eligible new growth" calculation that allowed taxing entities to capture all revenue from new development

Applies the inflation-based cap to multiple property tax contexts including the minimum basic school program rate, voted local school levies, certified tax rates, and multicounty assessing levies

Defines "inflation factor" as the annual increase in the Consumer Price Index for all urban consumers, with zero used if there is no CPI increase in the preceding calendar year

Takes effect January 1, 2027, and amends approximately 10 sections of Utah Code including provisions related to school funding, property tax definitions, and truth-in-taxation requirements