Utah § 59-2-301.8 - Assessment of multi-tenant residential property.
Full text of Utah Utah Code § 59-2-301.8 — Assessment of multi-tenant residential property., with citation guidance and answers to common questions.
§ 59-2-301.8. 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.
Frequently Asked Questions About Utah § 59-2-301.8
What does Utah Code § 59-2-301.8 cover?
Section 59-2-301.8 ("Assessment of multi-tenant residential property.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 59-2-301.8?
A common citation format is "Utah Code § 59-2-301.8" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 59-2-301.8 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
