H.B.
75
PROPERTY TAXATION OF LOW-INCOME HOUSING
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) [
43
{
Upon receipt of the information required under Subsection (3), a
}
A
county
44 assessor shall [
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:
53
{
(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;
56
{
(c)
}
(ii) except as provided in Subsection (3)(b),
a financial operating statement for the
property for the prior year;
57
{
(d)
}
(iii) except as provided in Subsection (3)(b),
rent rolls for the property for the prior
year; and
58
{
(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;
and
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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