2023 Utah Code › Title 59 - Revenue and Taxation › Chapter 2 - Property Tax Act › Part 3 - County Assessment › Section 301.8 - Assessment of multi-tenant residential property.

Effective 1/1/2021
59-2-301.8.
Assessment of multi-tenant residential property.
(1) As used in this section:
(a) "Multi-tenant residential property" means real and personal property where:
(i) the real property:
(A) is rented as 10 or more separate housing units;
(B) meets the definition of residential property; and
(C) qualifies for the residential exemption described in Section 59-2-103; and
(ii) the personal property is:
(A) located within the real property; and
(B) owned by the same person as the real property.
(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)
(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.
(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.
(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:
(i)
(A) chooses to value multi-tenant residential properties in accordance with this section for the current tax year; and
(B) did not choose to value multi-tenant residential properties in accordance with this section for the previous tax year; or
(ii)
(A) chose to value multi-tenant residential properties in accordance with this section for the previous tax year; and
(B) is not choosing to value multi-tenant residential properties in accordance with this section for the current tax year.
(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.
(b) On or before May 1:
(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:
(A) the county requests a signed statement under Section 59-2-306;
(B) the county assessor relieves the owner of any obligation to file a signed statement in accordance with Subsection (3)(a); and
(C) the county assessor did not relieve the owner of the signed statement obligation for the previous tax year; or
(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:
(A) the county requests a signed statement under Section 59-2-306; and
(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):
(a)
(i) the county assessor shall assess the personal property in the same manner as real property under Part 3, County Assessment; and
(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;
(b) the county assessor is not required to list personal property separately in the assessment roll; and
(c) the county auditor is not required to identify personal property separately on the statement to the commission required by Section 59-2-322.
Enacted by Chapter 86, 2020 General Session