Utah Code 17-36-53. Tax stability and trust fund — Amount in fund limited — Disposition of excess
Current as of: 2024 | Check for updates
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(1) The total amount in a county’s tax stability and trust fund established under Section 17-36-51 shall be limited to the percentage of the total taxable value of property in that county not to exceed the limits provided in the following schedule: | Total Taxable Value | Fund Limits
| but not to
|
| Less than $500,000,000 | 1.6% | | $5,000,000 | |
| From 500,000,000 to 1,500,000,000 |
| |
| |
| Over 1,500,000,000 | .5% | | 15,000,000 | |
Percentage of
Taxable Value
exceed:
1.0%
7,500,000
Terms Used In Utah Code 17-36-53
- County general fund: means the general fund used by a county. See Utah Code 17-36-3
- Fund: means an independent fiscal and accounting entity comprised of a sum of money or other resources segregated for a specific purpose or objective. See Utah Code 17-36-3
- General fund: is a s defined by the Governmental Accounting Standards Board as reflected in the Uniform Accounting Manual for All Local Governments prepared by the Office of the Utah State Auditor. See Utah Code 17-36-3
- Property: includes both real and personal property. See Utah Code 68-3-12.5
(2) If any excess occurs in the tax stability and trust fund over the percentage or maximum dollar amounts specified in Subsection (1), this excess shall be transferred to the county general fund and may be used for all purposes as other amounts in the county general fund are used.
(3)
(3)(a) Subject to Subsection (3)(b), if any excess in the fund exists because of a decrease in total taxable value, that excess may remain in the fund.
(3)(b) If the excess amount in the fund is decreased below the limitations of the fund for any reason, the fund limitations established under Subsection (1) apply.