Utah Code 11-58-606. Distribution of property tax differential
Current as of: 2024 | Check for updates
|
Other versions
(1) A county that collects property tax on property within a project area shall, in the manner and at the time provided in Section 59-2-1365:
Terms Used In Utah Code 11-58-606
- Authority: means the Utah Inland Port Authority, created in Section
11-58-201 . See Utah Code 11-58-102 - Primary municipality: means the municipality that has more authority jurisdictional land within the municipality's boundary than is included within the boundary of any other municipality. See Utah Code 11-58-600.5
- Primary municipality differential: means property tax differential generated by a property tax levied:(4)(a) on property in the reduced area; and(4)(b) by the primary municipality. See Utah Code 11-58-600.5
- Project area: means :(16)(a) the authority jurisdictional land, subject to Section
11-58-605 ; or(16)(b) land outside the authority jurisdictional land, whether consisting of a single contiguous area or multiple noncontiguous areas, 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 11-58-102 - Property: includes both real and personal property. See Utah Code 68-3-12.5
- Property tax: includes a privilege tax and each levy on an ad valorem basis on tangible or intangible personal or real property. See Utah Code 11-58-102
- Reduced area: means the authority jurisdictional land that is within a primary municipality, excluding:(6)(a) an area described in Subsection 11-58-600. See Utah Code 11-58-600.5
(1)(a) pay and distribute to the authority the property tax differential that the authority is entitled to be paid under this chapter; and
(1)(b) pay and distribute to the primary municipality the primary municipality differential described in Subsection 11-58-604(2)(c).
(2) The authority shall pay to the primary municipality’s agency, to be used for affordable housing as provided in Section 17C-1-412, 10% of all property tax differential that is:
(2)(a) paid to the authority; and
(2)(b) generated within the reduced area.