Utah Code § 53F-2-301 — Utah Code / Title 53F / Chapter 53F-2 / § 53F-2-301
§ 53F-2-301. Minimum basic tax rate for a fiscal year that begins after July 1, 2022.
Status: in_force

7/1/2026 (1) As used in this section: (a) "Basic levy increment rate" means a tax rate that will generate an amount of revenue equal to $75,000,000. (b) "Commission" means the State Tax Commission. (c) "Minimum basic local amount" means an amount that is: (i) equal to the sum of: (A) the school districts' contribution to the basic school program the previous fiscal year; (B) the amount generated by the basic levy increment rate; and (C) the eligible new growth, as defined in Section 59-2-924 and rules of the State Tax Commission multiplied by the minimum basic rate; and (ii) set annually by the Legislature in Subsection (2)(a). (d) "Minimum basic tax rate" means a tax rate certified by consensus between the commission, the Governor's Office of Planning and Budget, and the Office of the Legislative Fiscal Analyst that will generate an amount of revenue equal to the minimum basic local amount described in Subsection (2)(a). (2) (a) The minimum basic local amount for the fiscal year that begins on July 1, 2026, is $866,842,700 in revenue statewide. (b) The preliminary estimate of the minimum basic tax rate for a fiscal year that begins on July 1, 2026, is .001352. (3) (a) On or before June 22, the commission, the Governor's Office of Planning and Budget, and the Office of the Legislative Fiscal Analyst shall by consensus certify the minimum basic tax rate for the year. (b) The estimate of the minimum basic tax rate provided in Subsection (2)(b) is based on a forecast for property values for the next calendar year. (c) The certified minimum basic tax rate described in Subsection (3)(a) is based on property values as of January 1 of the current calendar year, except personal property, which is based on values from the previous calendar year. (4) (a) To qualify for receipt of the state contribution toward the basic school program and as a school district's contribution toward the cost of the basic school program for the school district, each local school board shall impose the minimum basic tax rate. (b) (i) The state is not subject to the notice requirements of Section 59-2-926 before imposing the tax rates described in this Subsection (4). (ii) The state is subject to the notice requirements of Section 59-2-926 if the state authorizes a tax rate that exceeds the tax rates described in this Subsection (4). (5) (a) The state shall contribute to each school district toward the cost of the basic school program in the school district an amount of money that is the difference between the cost of the school district's basic school program and the sum of revenue generated by the school district by the following: (i) the minimum basic tax rate; and (ii) the basic levy increment rate. (b) (i) If the difference described in Subsection (5)(a) equals or exceeds the cost of the basic school program in a school district, no state contribution shall be made to the basic school program for the school district. (ii) The proceeds of the difference described in Subsection (5)(a) that exceed the cost of the basic school program shall be paid into the Uniform School Fund as provided by law and by the close of the fiscal year in which the proceeds were calculated. (6) Upon appropriation by the Legislature, the Division of Finance shall deposit an amount equal to the proceeds generated statewide by the basic levy increment rate into the Minimum Basic Growth Account created in Section 53F-9-302. (7) Nothing in the repeal of the tax rate indexed to the increase in the value of the WPU affects the ongoing appropriations to the Teacher and Student Success Account created in Section 53F-9-306.7/1/2026 (1) As used in this section: (a) "Basic levy increment rate" means a tax rate that will generate an amount of revenue equal to $75,000,000. (b) "Commission" means the State Tax Commission. (c) "Minimum basic local amount" means an amount that is: (i) equal to the sum of: (A) the school districts' contribution to the basic school program the previous fiscal year; (B) the amount generated by the basic levy increment rate; and (C) the eligible new growth, as defined in Section 59-2-924 and rules of the State Tax Commission multiplied by the minimum basic rate; and (ii) set annually by the Legislature in Subsection (2)(a). (d) "Minimum basic tax rate" means a tax rate certified by consensus between the commission, the Governor's Office of Planning and Budget, and the Office of the Legislative Fiscal Analyst that will generate an amount of revenue equal to the minimum basic local amount described in Subsection (2)(a). (2) (a) The minimum basic local amount for the fiscal year that begins on July 1, 2026, is $866,842,700 in revenue statewide. (b) The preliminary estimate of the minimum basic tax rate for a fiscal year that begins on July 1, 2026, is .001352. (3) (a) On or before June 22, the commission, the Governor's Office of Planning and Budget, and the Office of the Legislative Fiscal Analyst shall by consensus certify the minimum basic tax rate for the year. (b) The estimate of the minimum basic tax rate provided in Subsection (2)(b) is based on a forecast for property values for the next calendar year. (c) The certified minimum basic tax rate described in Subsection (3)(a) is based on property values as of January 1 of the current calendar year, except personal property, which is based on values from the previous calendar year. (4) (a) To qualify for receipt of the state contribution toward the basic school program and as a school district's contribution toward the cost of the basic school program for the school district, each local school board shall impose the minimum basic tax rate. (b) (i) The state is not subject to the notice requirements of Section 59-2-926 before imposing the tax rates described in this Subsection (4). (ii) The state is subject to the notice requirements of Section 59-2-926 if the state authorizes a tax rate that exceeds the tax rates described in this Subsection (4). (5) (a) The state shall contribute to each school district toward the cost of the basic school program in the school district an amount of money that is the difference between the cost of the school district's basic school program and the sum of revenue generated by the school district by the following: (i) the minimum basic tax rate; and (ii) the basic levy increment rate. (b) (i) If the difference described in Subsection (5)(a) equals or exceeds the cost of the basic school program in a school district, no state contribution shall be made to the basic school program for the school district. (ii) The proceeds of the difference described in Subsection (5)(a) that exceed the cost of the basic school program shall be paid into the Uniform School Fund as provided by law and by the close of the fiscal year in which the proceeds were calculated. (6) Upon appropriation by the Legislature, the Division of Finance shall deposit an amount equal to the proceeds generated statewide by the basic levy increment rate into the Minimum Basic Growth Account created in Section 53F-9-302. (7) Nothing in the repeal of the tax rate indexed to the increase in the value of the WPU affects the ongoing appropriations to the Teacher and Student Success Account created in Section 53F-9-306.