Utah Code 59-2-103. Rate of assessment of property — Residential property

59-2-103. Rate of assessment of property — Residential property.

(1)

As used in this section:

Terms Used In Utah Code 59-2-103

Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
Fair market value: means the amount at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts. See Utah Code 59-2-102
Land: includes :Utah Code 68-3-12.5
Part-year residential property: means property that is not residential property on January 1 of a calendar year but becomes residential property after January 1 of the calendar year. 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
Residential property: includes :

(i)

except as provided in Subsection (34)(b)(ii), includes household furnishings, furniture, and equipment if the household furnishings, furniture, and equipment are:

(A)	used exclusively within a dwelling unit that is the primary residence of a tenant; and

(B)	owned by the owner of the dwelling unit that is the primary residence of a tenant; and

(ii)

if the county assessor determines that the property will be used for residential purposes as a primary residence:

(A)	property under construction; or

(B)

unoccupied property. See Utah Code 59-2-102

State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5

(a)

(i)	“Household” means the association of individuals who live in the same dwelling, sharing the dwelling’s furnishings, facilities, accommodations, and expenses.

(ii)	“Household” includes married individuals, who are not legally separated, who have established domiciles at separate locations within the state.

(b)	In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission may make rules defining the term “domicile.”

(2)	All tangible taxable property located within the state shall be assessed and taxed at a uniform and equal rate on the basis of its fair market value, as valued on January 1, unless otherwise provided by law.

(3)	Subject to Subsections (4) through (7) and Section 59-2-103.5, for a calendar year, the fair market value of residential property located within the state is allowed a residential exemption equal to a 45% reduction in the value of the property.

(4)

Part-year residential property located within the state is allowed the residential exemption described in Subsection (3) if the part-year residential property is used as residential property for 183 or more consecutive calendar days during the calendar year for which the owner seeks to obtain the residential exemption.

(5)	No more than one acre of land per residential unit may qualify for the residential exemption described in Subsection (3).

(6)

(a)	Except as provided in Subsections (6)(b)(ii) and (iii), a residential exemption described in Subsection (3) is limited to one primary residence per household.

(b)

An owner of multiple primary residences located within the state is allowed a residential exemption under Subsection (3) for:

(i)	subject to Subsection (6)(a), the primary residence of the owner;

(ii)	each residential property that is the primary residence of a tenant; and

(iii)

subject to Subsection (7), each residential property described in Subsection 59-2-102(34)(b)(ii).

(7)

Before residential property described in Subsection 59-2-102(34)(b)(ii) is allowed a residential exemption described in Subsection (3), an owner of the residential property shall file with the county assessor a written declaration that:

(a)	states under penalty of perjury that, to the best of each owner’s knowledge, upon completion of construction or occupancy of the residential property, the residential property will be used for residential purposes as a primary residence;

(b)	is signed by each owner of the residential property; and

(c)	is on a form prescribed by the commission.

Amended by Chapter 38, 2020 General Session
Amended by Chapter 40, 2020 General Session

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