Utah Code 59-3-102. Definitions
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As used in this chapter:
(1) “Tax equivalent payment” means a payment required or authorized by statute to be made in lieu of ad valorem taxes on tax exempt property pursuant to a contract entered into under statutory authority and filed with the county assessor of the county in which the property is located.
Terms Used In Utah Code 59-3-102
- Contract: A legal written agreement that becomes binding when signed.
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Statute: A law passed by a legislature.
- Tax equivalent payment: means a payment required or authorized by statute to be made in lieu of ad valorem taxes on tax exempt property pursuant to a contract entered into under statutory authority and filed with the county assessor of the county in which the property is located. See Utah Code 59-3-102
(2) “Tax equivalent property” means property on which any tax equivalent payment is made.