Property Tax Changes

HB 428 modifies Utah's school funding structure by requiring school districts to use tax rates certified by the State Tax Commission, Governor's Office of Planning and Budget, and Legislative Fiscal Analyst. These certified rates (the "minimum basic tax rate" and "WPU value rate") ensure districts generate sufficient revenue for basic school programs, with the state covering shortfalls using funds from the Public Education Economic Stabilization Account. The bill does not appropriate new money but directs existing account funds to stabilize school budgets during revenue shortfalls. This directly affects all Utah public school districts and their local property tax levies.