UT SB0097

Reduces maximum city general fund reserve limits from 35% to tiered levels: 25% for cities with $50M+ revenue, 28% for $25-50M, and 30% for under $25M; excess reserves will be subtracted from certified tax rate calculations beginning fiscal year 2032

Caps county general fund reserves at 100% of prior year budgeted property tax revenue, replacing the previous formula that allowed up to 65% of total revenues or estimated property tax revenues

Reduces the residential property tax exemption from 45% to 40% for rental properties where a tenant (not owner) uses the unit as primary residence, except for multi-family units subject to low-income housing tax credit covenants which retain the 45% exemption

Limits residential exemption to one primary residence per household statewide regardless of ownership interests held individually or through business entities; requires counties to share exemption data with the Multicounty Appraisal Trust to identify owners claiming exemptions in multiple counties

Excludes from "locally assessed new growth" calculations any property value increases from physical improvements or new construction that does not add new residential or commercial building area, and excludes tangible personal property increases from project area new growth calculations