H.B. 75

House Committee Amendments

Amendment 2 January 25, 2012 2:31 PM

Representative Jack R. Draxler proposes the following amendments:

1.    Page 1, Lines 8 through 10 :    

             8      General Description:
             9          This bill makes changes to
  property tax provisions related to       low-income housing      {   reporting procedures and related

             10      penalties for purposes of property taxation  

2.    Page 2, Lines 42 through 44 :    

             42          (2) [In assessing the fair market value of real property that is subject to a low-income
             43      housing covenant, a]
{   Upon receipt of the information required under Subsection (3), a   }        A       county

             44      assessor shall [include as part of the assessment], in determining the fair market value of real

3.    Page 2, Lines 50 through 58 :    

             50          (3)
  (a)       To have a county assessor take into account a low-income housing covenant under

             51      Subsection (2), the owner of a property subject to a low-income housing covenant shall, by
             52      April 30 of each year, provide to the county assessor:
{   (a) an application on a form provided by the assessor;

             54          (b)  
  (i)       a signed statement from the property owner that the project continues to meet the

             55      requirements of the low-income housing covenant;
{   (c)   }        (ii) except as provided in Subsection (3)(b),       a financial operating statement for the property for the prior year;

{   (d)   }        (iii) except as provided in Subsection (3)(b),       rent rolls for the property for the prior year; and

{   (e)   }        (iv)       federal and commercial financing terms and agreements for the property.

  (b) A property owner is not required to provide the information required by Subsections (3)(a)(ii) and (iii) for the first twelve months after low-income housing operations begin on the property.


4.    Page 3, Lines 61 through 67 :    

             61          (a) the assessor shall:
             62          (i) make a record of the failure to meet the requirements of Subsection (3); and
             63          (ii) make an estimate of the fair market value of the property
  in accordance with Subsection (2)       based on information

             64      available to the assessor;

             65          (b)
{   the value fixed by the assessor in accordance with Subsection (4)(a)(ii) may not be

             66      reduced by the county board of equalization or the commission; and
             67          (c)  
the owner shall pay a penalty equal to the greater of:

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