Property Tax Modifications

HB 161 increases Utah's residential property tax exemption from 45% to 60% of a home's fair market value for primary residences, directly affecting homeowners who qualify for this exemption. The bill modifies Utah Code Section 59-2-103 to implement this change, contingent on voters approving a related constitutional amendment (H.J.R. 7) in the 2026 election. If approved, the exemption rate would take effect on January 1, 2027, reducing the taxable value of qualifying primary residences. This change applies only to properties used as primary residences for at least 183 days annually and limits exemptions to one primary residence per household.