In fact, Huntsman was caught off-guard earlier this month when Walker said she would make specific recommendations in her report. Huntsman thought Walker would make only general statements about Utah's tax system, how it could be simplified and provide more balance.

Walker has kept the report's findings close to the vest, even suggesting after her news conference Thursday that her findings may not be ready until mid-December or later, although her top aides had already scheduled the briefing with Huntsman.

One legislator who has talked to Walker about the study, but who had not been briefed on its specifics, told the Deseret Morning News that she told him the state needs more stable sources of tax revenue — sources that don't fluctuate as much as the current dependency on personal income and sales taxes.

This legislator took that to mean she was looking at some kind of property tax or real asset tax.

The state currently has the authority to levy a state property tax, which would hit homeowners and businesses. But the state hasn't levied the tax for 50 years.

In Utah, only cities, counties, school districts and special improvement districts currently levy property taxes.

Walker touched on the property tax during her news conference, noting that parts of the state tax base are declining, but the one tax "that's very stable with some increase is the property tax. And, of course, the state has not been involved in the property tax."

Over the summer, the governor's group of tax review advisers gave presentations to business leaders, lawmakers and others based on a 50-page series of computer slides entitled, "Utah's Tax Portfolio."

The slides label property tax as having "potentially beneficial attributes for the state portfolio," citing its stability over the business cycle and steady growth. Individual income tax has "attractive growth potential" but also is called a risky revenue source for education.

All of the state's personal and corporate income taxes, under constitutional mandate, must go to support public and higher education.

The state's sales tax base, according to the slides, is being diminished by Internet sales. The state sales tax rate is 4.75 percent, with cities, counties, transit districts, resort communities and other entities tacking on additional sales taxes in different geographic areas as local entities and/or voters desire.

Like other states, Utah was hard hit 2000 through 2003 during the nation's economic downturn. Legislators and former Gov. Mike Leavitt (with Walker as his lieutenant governor) had to make up more than $750 million in lost revenue through cutting programs, increased bonding, and draining the state's $120-million Rainy Day fund.