Utah Code Title 59. Revenue and Taxation § 59-2-301.3. Definitions--Assessment of real property subject to a low-income housing covenant

(a) “low-income housing covenant” means an agreement:

(b) “residential rental housing” means housing that:

(a) the information provided in Subsection (3);  and

(b) any effects the low-income housing covenant may have on the fair market value of the real property.

(3)(a) Except as provided in Subsection (3)(b), to have a county assessor take into account a low-income housing covenant under Subsection (2), the owner of a property subject to a low-income housing covenant shall, by April 30 of each year, provide to the county assessor:

(b) If the April 30 described in Subsection (3)(a) falls within the first 12 months after a low-income housing operation begins on the property, a property owner shall provide estimates of the information required by Subsections (3)(a)(ii) through (iv).

(a) the assessor shall:

(b) subject to Subsection (5), the owner shall pay a penalty equal to the greater of:

(5)(a) Only one penalty per year may be imposed per housing project subject to a low-income housing covenant.

(b) Upon making a record of the action, and upon reasonable cause shown, an assessor may waive, reduce, or compromise the penalty imposed under Subsection (4)(b).