Utah Code 17C-1-606. County auditor report on project areas
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Terms Used In Utah Code 17C-1-606
- Base taxable value: means , unless otherwise adjusted in accordance with provisions of this title, a property's taxable value as shown upon the assessment roll last equalized during the base year. See Utah Code 17C-1-102
- Board: means the governing body of an agency, as described in Section
17C-1-203 . See Utah Code 17C-1-102 - Project area: means the geographic area described in a project area plan within which the project area development described in the project area plan takes place or is proposed to take place. See Utah Code 17C-1-102
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Tax increment: means the difference between:(61)(a)(i) the amount of property tax revenue generated each tax year by a taxing entity from the area within a project area designated in the project area plan as the area from which tax increment is to be collected, using the current assessed value of the property and each taxing entity's current certified tax rate as defined in Section
59-2-924 ; and(61)(a)(ii) the amount of property tax revenue that would be generated from that same area using the base taxable value of the property and each taxing entity's current certified tax rate as defined in Section59-2-924 . See Utah Code 17C-1-102- Taxable value: means :
(60)(a) the taxable value of all real property a county assessor assesses in accordance with Title 59, Chapter 2, Part 3, County Assessment, for the current year;(60)(b) the taxable value of all real and personal property the commission assesses in accordance with Title 59, Chapter 2, Part 2, Assessment of Property, for the current year; and(60)(c) the year end taxable value of all personal property a county assessor assesses in accordance with Title 59, Chapter 2, Part 3, County Assessment, contained on the prior year's tax rolls of the taxing entity. See Utah Code 17C-1-102- Taxing entity: means a public entity that:
(62)(a) levies a tax on property located within a project area; or(62)(b) imposes a sales and use tax under Title 59, Chapter 12, Sales and Use Tax Act. See Utah Code 17C-1-102(1)(a) On or before March 31 of each year, the auditor of each county in which an agency is located shall prepare a report on the project areas within each agency.(1)(b) The county auditor shall send a copy of each report under Subsection (1)(a) to the agency that is the subject of the report, the State Tax Commission, the State Board of Education, and each taxing entity from which the agency receives tax increment.(2) Each report under Subsection (1)(a) shall report:(2)(a) the total assessed property value within each project area for the previous tax year;(2)(b) the base taxable value of each project area for the previous tax year;(2)(c) the tax increment available to be paid to the agency for the previous tax year;(2)(d) the tax increment requested by the agency for the previous tax year; and(2)(e) the tax increment paid to the agency for the previous tax year.(3) Within 30 days after a request by an agency, the State Tax Commission, the State Board of Education, or any taxing entity from which the agency receives tax increment, the county auditor or the county assessor shall provide access to:(3)(a) the county auditor’s method and calculations used to make adjustments under Section 17C-1-408;(3)(b) the unequalized assessed valuation of an existing or proposed project area, or any parcel or parcels within an existing or proposed project area, if the equalized assessed valuation has not yet been determined for that year;(3)(c) the most recent equalized assessed valuation of an existing or proposed project area or any parcel or parcels within an existing or proposed project area; and(3)(d) the tax rate of each taxing entity adopted as of November 1 for the previous tax year.(4) Each report described in Subsection (1)(a) shall include:(4)(a) sufficient detail regarding the calculations performed by a county auditor so that an agency or other interested party could repeat and verify the calculations; and(4)(b) a detailed explanation of any adjustments made to the base taxable value of each project area. - Taxable value: means :