59-2-103 - Rate of assessment of property -- Residential property. - Utah Statutes

59-2-103. Rate of assessment of property -- Residential property.
(1) All tangible taxable property located within the state shall be assessed and taxed at auniform and equal rate on the basis of its fair market value, as valued on January 1, unlessotherwise provided by law.
(2) Subject to Subsections (3) and (4), beginning on January 1, 1995, the fair marketvalue of residential property located within the state shall be reduced by 45%, representing aresidential exemption allowed under Utah Constitution Article XIII, Section 2.
(3) No more than one acre of land per residential unit may qualify for the residentialexemption.
(4) (a) Except as provided in Subsection (4)(b)(ii), beginning on January 1, 2005, theresidential exemption in Subsection (2) is limited to one primary residence per household.
(b) An owner of multiple residential properties located within the state is allowed aresidential exemption under Subsection (2) for:
(i) subject to Subsection (4)(a), the primary residence of the owner; and
(ii) each residential property that is the primary residence of a tenant.

Amended by Chapter 90, 2004 General Session
Amended by Chapter 281, 2004 General Session