Code-Co's Internet Access to Utah Law: http://www.code-co.com
[Utah Code Table of Contents]
[TITLE 59. Table of Contents]
59-3-101 Short title.
This chapter is known as the "Tax Equivalent Property
Act."
1987
59-3-102 Definitions.
As used in this chapter:
(1) "Tax equivalent payment" means a payment required or authorized by statute to be made in lieu of ad valorem taxes on tax exempt property pursuant to a contract entered into under statutory authority and filed with the county assessor of the county in which the property is located.
(2) "Tax equivalent property" means property on which
any tax equivalent payment is made.
1988
59-3-103 Value of tax equivalent property included as part of value of taxable property.
In determining the value of taxable property within any
tax area for purposes of computing the limitation on indebtedness
under Article XIV, Sec. 4, Utah Constitution, the value of
all tax equivalent property shall be included as a part of
the total value of taxable property.
1988
59-3-104 Tax equivalent property list - Assessment of tax equivalent property.
The county assessor shall keep a separate list of the
tax equivalent property in each tax area in the county, showing
the value of all tax equivalent property in each area. The
value of tax equivalent property established on the tax equivalent
property list is subject to the same process of review and
equalization as the value of taxable property shown in the
assessment roll. The assessment roll delivered to the county
treasurer under Section
59-2-326
shall include the tax equivalent property list
as equalized. All tax equivalent property shall be assessed
at its fair market value, as defined under Section
59-2-102
.
1988
