Utah Code 59-2-301.8. Assessment of multi-tenant residential property
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(1) As used in this section:
Terms Used In Utah Code 59-2-301.8
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- Personal property: All property that is not real property.
- Personal property: includes :
(28)(a) every class of property as defined in Subsection (29) that is the subject of ownership and is not real estate or an improvement;(28)(b) any pipe laid in or affixed to land whether or not the ownership of the pipe is separate from the ownership of the underlying land, even if the pipe meets the definition of an improvement;(28)(c) bridges and ferries;(28)(d) livestock; and(28)(e) outdoor advertising structures as defined in Section72-7-502 . See Utah Code 59-2-102- Property: means property that is subject to assessment and taxation according to its value. See Utah Code 59-2-102
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: includes :
(32)(a) the possession of, claim to, ownership of, or right to the possession of land;(32)(b) all mines, minerals, and quarries in and under the land, all timber belonging to individuals or corporations growing or being on the lands of this state or the United States, and all rights and privileges appertaining to these; and(32)(c) improvements. See Utah Code 59-2-102- Residential property: includes :
(34)(b)(i) except as provided in Subsection (34)(b)(ii), includes household furnishings, furniture, and equipment if the household furnishings, furniture, and equipment are:(34)(b)(i)(A) used exclusively within a dwelling unit that is the primary residence of a tenant; and(34)(b)(i)(B) owned by the owner of the dwelling unit that is the primary residence of a tenant; and(34)(b)(ii) if the county assessor determines that the property will be used for residential purposes as a primary residence:(34)(b)(ii)(A) property under construction; or(34)(b)(ii)(B) unoccupied property. See Utah Code 59-2-102(1)(a) “Multi-tenant residential property” means real and personal property where:(1)(a)(i) the real property:(1)(a)(i)(A) is rented as 10 or more separate housing units;(1)(a)(i)(B) meets the definition of residential property; and(1)(a)(i)(C) qualifies for the residential exemption described in Section 59-2-103; and(1)(a)(ii) the personal property is:(1)(a)(ii)(A) located within the real property; and(1)(a)(ii)(B) owned by the same person as the real property.(1)(b) “Multi-tenant residential property” does not include a tourist home, a hotel, a motel, or a trailer court accommodation and service that is regularly rented for fewer than 30 consecutive days.(2)(2)(a) A county assessor may use an income approach to value multi-tenant residential properties within the county if the county assessor finds that the income approach is a valid indicator of fair market value for the multi-tenant residential property in the county.(2)(b) A county assessor that chooses to value a multi-tenant residential property in accordance with this section shall use the same valuation method for all multi-tenant residential properties within the county.(2)(c) On or before May 1, a county assessor shall notify the commission about the county’s method for valuing multi-tenant residential properties if the county assessor:(2)(c)(i)(2)(c)(i)(A) chooses to value multi-tenant residential properties in accordance with this section for the current tax year; and(2)(c)(i)(B) did not choose to value multi-tenant residential properties in accordance with this section for the previous tax year; or(2)(c)(ii)(2)(c)(ii)(A) chose to value multi-tenant residential properties in accordance with this section for the previous tax year; and(2)(c)(ii)(B) is not choosing to value multi-tenant residential properties in accordance with this section for the current tax year.(3)(3)(a) If a county assessor chooses to use the income approach to value multi-tenant residential properties, the county assessor may relieve the owners of any obligation to file the signed statement requested by the county under Section 59-2-306 for the owners’ personal property located within the multi-tenant residential properties.(3)(b) On or before May 1:(3)(b)(i) a county assessor that chooses to value multi-tenant residential properties in accordance with this section shall notify an owner that the owner is not required to file a signed statement if:(3)(b)(i)(A) the county requests a signed statement under Section 59-2-306;(3)(b)(i)(B) the county assessor relieves the owner of any obligation to file a signed statement in accordance with Subsection (3)(a); and(3)(b)(i)(C) the county assessor did not relieve the owner of the signed statement obligation for the previous tax year; or(3)(b)(ii) a county assessor that chooses not to value multi-tenant residential properties in accordance with this section shall notify an owner of the obligation to file a signed statement if:(3)(b)(ii)(A) the county requests a signed statement under Section 59-2-306; and(3)(b)(ii)(B) the county assessor relieved the owner from filing a signed statement of personal property for the previous tax year.(4) For personal property for which an owner is relieved of the obligation to file a signed statement under Subsection (3):(4)(a)(4)(a)(i) the county assessor shall assess the personal property in the same manner as real property under Part 3, County Assessment; and(4)(a)(ii) the county assessor or the county treasurer shall collect the tax on the personal property in the same manner as real property under Part 13, Collection of Taxes;(4)(b) the county assessor is not required to list personal property separately in the assessment roll; and(4)(c) the county auditor is not required to identify personal property separately on the statement to the commission required by Section 59-2-322.