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Property taxes in Utah currently allow local governments, school districts, and the state to collect the full amount of extra revenue generated when new construction or development ("new growth") is added to the tax rolls, with no cap on that amount. Starting January 1, 2027, this bill would limit how much additional revenue a taxing entity can collect from new growth each year, capping it at whichever is lower: the amount generated by applying the tax rate to the new growth, or an inflation-adjusted increase based on the prior year's Consumer Price Index. This means that even if new development in a community generates a large amount of potential tax revenue, the taxing entity could only keep an amount tied to inflation, with the rest not being collected as new-growth revenue. The bill applies this new "maximum new growth revenue" limit consistently across school funding formulas, local property tax levies, and state calculations, and updates related definitions, notice requirements, and technical language throughout Utah's property tax statutes to reflect the change.