Skip to main content
Find a Lawyer

Utah Code Title 59. Revenue and Taxation § 59-2-301.8. Assessment of multi-tenant residential property

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

(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.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Utah Code Title 59. Revenue and Taxation § 59-2-301.8. Assessment of multi-tenant residential property - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-59-revenue-and-taxation/ut-code-sect-59-2-301-8/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard