Utah Code 11-70-401. Enhanced property tax revenue to be paid to fairpark district
Current as of: 2024 | Check for updates
|
Other versions
(1) Subject to Subsection (5), the fairpark district shall be paid 90% of enhanced property tax revenue generated from each parcel of privately owned land within the fairpark district boundary:
Terms Used In Utah Code 11-70-401
- Board: means the fairpark district's governing body, created in Section
11-70-301 . See Utah Code 11-70-101 - Designation resolution: means a resolution adopted by the board that designates a transition date for the parcel specified in the resolution. See Utah Code 11-70-101
- Fairpark district: means the Utah Fairpark Area Investment and Restoration District, created in Section
11-70-201 . See Utah Code 11-70-101 - Fairpark district boundary: means a line or set of lines that:(12)(a) defines the geographic boundary of the fairpark district, consisting of the interior space within each polygon described by the line or set of lines; and(12)(b) is delineated in the electronic shapefile that is the electronic component of H. See Utah Code 11-70-101
- Host municipality: means the municipality whose boundary includes the land within the fairpark district boundary. See Utah Code 11-70-101
- Land: includes :
(18)(a) land;(18)(b) a tenement;(18)(c) a hereditament;(18)(d) a water right;(18)(e) a possessory right; and(18)(f) a claim. See Utah Code 68-3-12.5- Payment period: means a period of up to 35 years, as specified in a designation resolution, beginning on the transition date, during which enhanced property tax revenue under Section
11-70-401 is to be paid. See Utah Code 11-70-101- Project area: means land described in a project area plan or draft project area plan, where the development project set forth in the project area plan or draft project area plan takes place or is proposed to take place. See Utah Code 11-70-101
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Property tax: includes each levy on an ad valorem basis on tangible or intangible personal or real property. See Utah Code 11-70-101
- Qualified owner: means an owner of at least 65 contiguous acres of privately owned land within the fairpark district boundary, or the owner's affiliate. See Utah Code 11-70-101
- Transition date: means the date indicated in a designation resolution after which the parcel that is the subject of the designation resolution becomes a post-designation parcel. See Utah Code 11-70-101
(1)(a) beginning the tax year that begins on January 1, 2025; and(1)(b) until the transition date for that parcel.(2) Subject to Subsection (5), during the payment period the fairpark district shall be paid up to 100% of enhanced property tax revenue:(2)(a) generated from designated parcels of privately owned land within a project area; and(2)(b) as the board specifies in a designation resolution adopted in consultation with a qualified owner.(3) For purposes of the payment of enhanced property tax revenue under this section, a payment period shall begin, as specified in the designation resolution, on January 1 of a year that begins after the designation resolution is adopted.(4)(4)(a) For purposes of this section, the fairpark district may designate an improved portion of a parcel in a project area as a separate parcel.(4)(b) A fairpark district designation of an improved portion of a parcel as a separate parcel under Subsection (4)(a) does not constitute a subdivision, as defined in Section10-9a-103 or Section17-27a-103 .(4)(c) A county recorder shall assign a separate tax identification number to the improved portion of a parcel designated by the fairpark district as a separate parcel under Subsection (4)(a).(5) A host municipality shall be paid 25% of the enhanced property tax revenue generated by a property tax imposed by the host municipality.