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Revenue and Taxation | |
Property Tax Act | |
Section 1108 | Indigent persons -- Deferral of taxes -- Interest rate -- Treatment of deferred taxes. |
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59-2-1108. Indigent persons -- Deferral of taxes -- Interest rate -- Treatment of
deferred taxes. (1) (a) The county may, after giving notice, defer any tax levied on residential property, subject to the conditions of Section 59-2-1109. (b) If the owner of the property described in Subsection (1)(a) is poor, the property may not be subjected to a tax sale during the period of deferment. (2) (a) Taxes deferred by the county accumulate with interest as a lien against the property until the property is sold or otherwise disposed of. (b) Deferred taxes under this section: (i) bear interest at an interest rate equal to the lesser of: (A) 6%; or (B) the federal funds rate target: (I) established by the Federal Open Markets Committee; and (II) that exists on the January 1 immediately preceding the day on which the taxes are deferred; and (ii) have the same status as a lien under Sections 59-2-1301 and 59-2-1325. (3) Deferral may be granted by the county at any time if: (a) the holder of any mortgage or trust deed outstanding on the property gives written approval of the application; and (b) the applicant is not the owner of income producing assets that could be liquidated to pay the tax. (4) Any assets transferred to relatives in the prior three-year period shall be considered by the county in making the county's determination.
Amended by Chapter 306, 2007 General Session |
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