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Under current Utah law, when new construction or development adds properties to the tax rolls — called "new growth" — local governments and school districts can collect the full amount of property tax revenue that new growth generates, with no upper limit. Starting January 1, 2027, this bill caps the additional revenue a taxing entity can collect from new growth at the lesser of two amounts: either the tax rate multiplied by the new growth, or an inflation-adjusted increase tied to the Consumer Price Index from the prior year. In other words, even if new development generates significantly more revenue than inflation would justify, taxing entities cannot keep the excess — their new-growth revenue is capped at what inflation alone would have allowed. The bill applies this "maximum new growth revenue" limit across school district levies, local government taxing entities, and the state's own property tax calculations, and updates related definitions and notice requirements throughout Utah's property tax code.