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Property tax law in Utah currently exempts 45% of a primary residence's fair market value from taxation, meaning homeowners are only taxed on the remaining 55% of their home's assessed value. If voters approve a related change to the Utah Constitution proposed this session, this bill would raise that exemption to 60%, so only 40% of a primary residence's value would be subject to property tax, lowering the taxable value—and likely the tax bill—for homeowners who use their property as their main home. This change would take effect January 1, 2027, but only if the constitutional amendment passes both the Legislature and a statewide vote at the next general election; if the amendment fails, this change to the exemption would not go into effect.