Utah Code Title 11. Cities, Counties, and Local Taxing Units § 11-59-207. Annual assessment on leased property

(a) “Annual assessment” means an assessment:

(b) “Exempt property” means real property that is exempt from ad valorem property tax because the real property is owned by the state.

(c) “Lease agreement” means an agreement by which a private person leases from the state real property that is part of the point of the mountain state land.

(e) “Leased property value” means the value that leased property would have if the leased property were subject to ad valorem property tax.

(f) “Lessee” means a private person that leases property that is part of the point of the mountain state land under a lease agreement.

(a) the county assessor shall determine the leased property value of leased property that is subject to an annual assessment as though the leased property were subject to ad valorem property tax;

(b) the county treasurer shall collect an annual assessment in the same way and at the same time that the treasurer would collect ad valorem property tax on the leased property if the leased property were subject to ad valorem property tax;

(c) the county may retain an administrative fee for collecting and distributing the annual assessment in the same amount that would apply if the leased property were not exempt property; and

(d) the county treasurer shall distribute to the authority all revenue from an annual assessment on leased property in the same way and at the same time as the treasurer distributes ad valorem property tax revenue to taxing entities in accordance with Section 59-2-1365.