Utah Code 59-3-102. Definitions

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.

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.

Amended by Chapter 3, 1988 General Session