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Show Heavier business tax? A 25-percent increase in business property taxes would have to make up for a shortfall if voters in November approve a state constitutional amendment exempting nearly half of the value of residential pro- j perty from taxation, according to the Utah Foundation. The proposed 45 percent exemption is similar to a proposed amendment defeated in 1980. That proposal would have allowed the legislature to exempt all residential property. Homeowners would see a $12.7 million tax cut, while businesses would have to a absorb $18.4 million of increase, in-crease, according to the foundation report. |