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Utah Code Title 11. Cities, Counties, and Local Taxing Units § 11-70-401. Enhanced property tax revenue to be paid to fairpark district

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) Subject to Subsection (5), the fairpark district shall be paid 90% of enhanced property tax revenue generated from each parcel of privately owned land within the fairpark district boundary:

(a) beginning the tax year that begins on January 1, 2025; and

(b) until the transition date for that parcel.

(2) Subject to Subsection (5), during the payment period the fairpark district shall be paid up to 100% of enhanced property tax revenue:

(a) generated from designated parcels of privately owned land within a project area; and

(b) as the board specifies in a designation resolution adopted in consultation with a qualified owner.

(3) For purposes of the payment of enhanced property tax revenue under this section, a payment period shall begin, as specified in the designation resolution, on January 1 of a year that begins after the designation resolution is adopted.

(4)(a) For purposes of this section, the fairpark district may designate an improved portion of a parcel in a project area as a separate parcel.

(b) A fairpark district designation of an improved portion of a parcel as a separate parcel under Subsection (4)(a) does not constitute a subdivision, as defined in Section 10-9a-103 or Section 17-27a-103.

(c) A county recorder shall assign a separate tax identification number to the improved portion of a parcel designated by the fairpark district as a separate parcel under Subsection (4)(a).

(5) A host municipality shall be paid 25% of the enhanced property tax revenue generated by a property tax imposed by the host municipality.

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Cite this article: FindLaw.com - Utah Code Title 11. Cities, Counties, and Local Taxing Units § 11-70-401. Enhanced property tax revenue to be paid to fairpark district - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-11-cities-counties-and-local-taxing-units/ut-code-sect-11-70-401/

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