Property Tax Changes

HB 484 limits how much additional property tax revenue Utah school districts and local taxing entities can collect without voter approval, capping increases at 20% of their previous year's revenue. It requires voter approval for tax hikes exceeding this limit and eliminates a protection period that previously shielded school districts from losing state funding when lowering tax rates. The bill also phases out excess state funding over three years if a school district reduces its certified tax rate, ensuring funding aligns with current property valuations. This directly affects school districts' budgets and local tax collection processes under Utah law.