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SALT LAKE CITY (AP) -- Utah lawmakers are looking at giving property taxpayers a small tax cut. Because of rising home prices and large property tax hikes associated with them, the Legislature's Revenue and Tax Committee is considering taking off a special reading property tax that all of the state's 40 school districts levy.
Instead of local property taxpayers picking up that $15 million tab statewide, the Legislature would just pay that money out through its regular basic Uniform School Fund.
Under the proposal property taxes would go down a bit and the state would pick up that tax.
Since the state continues to run tax surpluses, lawmakers would not increase the income tax but just take the extra $15 million from tax growth.
Information from: Deseret Morning News
(Copyright 2007 by The Associated Press. All Rights Reserved.)