Thank You!
With Your Help, SB 97 Was Defeated!
Utah lawmakers need to hear from all of us. Join us in telling our legislators to oppose this bill and maintain our current property tax policy that supports rental housing providers and renters.
Send a pre-written message, urging your legislators to OPPOSE SB 97 and maintain our current tax policy.
The top concerns that face both rental housing and renters include:
Increase in Rents
Market-rate apartment communities and rental homes would be forced to increase residents’ rents to offset this increase in property taxes. Without such rent increases, many properties could be at risk under their existing financing arrangements.
Worsening Housing Affordability
This would have a devastating impact on properties serving low-income households who receive federal subsidies through the Low-Income Housing Tax Credit (LIHTC), operating on the thinnest of margins, erasing their ability to absorb the substantial increase in operating costs.
Sky-Rocketing Operating Costs
These are carefully underwritten to determine the amount of federal subsidy needed. Loan amounts and allowable rental rates are set based on those assumptions, including the existing 45% residential property tax exemption. As a result, this bill will place many affordable housing developments in financial distress and potentially expose them to the risk of foreclosure, ultimately hurting low-income families across the state.
Help maintain our current tax policy
The Utah Legislature is considering SB 97 that would remove the primary residential property tax exemption on rental housing in Utah.
Sponsored by the Rental Housing Association of Utah