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Show TNC'MrASE REVENUES. PROHIBITING IMPOSITION BY STATE v ; v ,D VALOREM SALES OR TRANSACTION TAXES ON : I'KOPKRTY. AUTHORIZING SPECIFIED LOCAL .-H I IKS TO IMPOSE SPECIAL TAXES EXCEPT TAXES ON REAL PROPERTY. BE IT ENACTED BY THE PEOPLE OF THE STATE OF UTAH: SECTION l. TITLE. This act shall be known as, and may be cited as, the TAX LIMITATION LAW. SECTION II. The maximum amount of any ad valorum tax on real property shall not exceed one percent ( 1 ) of the fair market value of such property. The one percent (1) to be collected by the counties and apportions! according to law. SECTION7 III. The limitation provided for in Section II shall not apply to ad valorem taxes or special assessments to pay the interest and redemption charges on any indebtedness approved by the voters prior to the time this law becomes effective. SECTION IV. The fair market value means the County Assessor's valuation of real property as shown on the 1977 tax bill under market value, or thereafter, the appraised value of real property when purchased, newly constructed, or a change in ownership has occurred after the 1977 assessment. All real property not already assessed up to the 1977 tax levels may be reassessed to reflect that valuation. SECTION V. The fair market value base may reflect from year to year the inflationary rate not to exceed two percent (2) for any given year or reduction as shown in the consumer price Index or comparable data for the area under t axing jurisdiction. SECTION VI. From and after the effective date of this law, any changes in State taxes enacted for the purpose of increasing revenues collected pursuant thereto whether by increased rates or changes in methods of computation, must be imposed by an Act passed by not less than two-thirds (23) nf -') members elected to each of the two houses of the Legislature, except U it no new ad valorum taxes on real property, or sales or t ans,., u i , trws on the sales of real property may be imposed. SECTION VII. Cities, counties and special districts, by a two thirds vote of the qualified electors of such district, voting in an election, may impose special taxes on such district, except ad valorem taxes on real property or a transaction tax or sales tax on the sale of real property within such City, rv, . District. or,Ci ION v ill. This law shall take effect 60 days after the adoption of this legislation, except Section VI which shall become effective upon the adoption of this law. SECTION IX. If any section, part, clause, or phrase hereof is for any reason held to be invalid or unconstitutional, the remaining section shall not ' :ffK '(! but will remain in full force and effect. I, DAVID S. MONSON, certify that the above is a full, true and correct copy of the existing and amended language of the Articles and Sections to be amended, together with a full, true, and correct copy of the initiative proposals to be placed on the ballot for the General Election, November 4, 1980. ''''- WITNESS MY HAND AND THE GREAT SEAL fey' " vA OF THE STATE OF UTAH, at Salt Lake V " vi City, Utah, this 1st day of October, $X fA V 1980. 5 os S Est) .,(B& Jri o (fjl) ,fcf DAVID S. MONSON V vritCtY A f Lt. Governor V - '' |