State Codes and Statutes
Statutes > Utah > Title-57 > Chapter-08 > 57-8-2757-8-27. Separate taxation.
(1) Each unit and its percentage of undivided interest in the common or community areasand facilities shall be considered to be a parcel and shall be subject to separate assessment andtaxation by each assessing unit, local district, and special service district for all types of taxesauthorized by law, including ad valorem levies and special assessments. Neither the building orbuildings, the property, nor any of the common areas and facilities may be considered a parcel.
(2) In the event any of the interests in real property made subject to this chapter by thedeclaration are leasehold interests, if the lease creating these interests is of record in the office ofthe county recorder, if the balance of the term remaining under the lease is at least 40 years at thetime the leasehold interest is made subject to this chapter, if units are situated or are to besituated on or within the real property covered by the lease, and if the lease provides that thelessee shall pay all taxes and assessments imposed by governmental authority, then until 10 yearsprior to the date that the leasehold is to expire or until the lease is terminated, whichever firstoccurs, all taxes and assessments on the real property covered by the lease shall be levied againstthe owner of the lessee's interest. If the owner of the reversion under the lease has executed thedeclaration and condominium plat, until 10 years prior to the date that the leasehold is to expire,or until the lease is terminated, whichever first occurs, all taxes and assessments on the realproperty covered by the lease shall be separately levied against the unit owners having an interestin the lease, with each unit owner for taxation purposes being considered the owner of a parcelconsisting of his undivided condominium interest in the fee of the real property affected by thelease.
(3) No forfeiture or sale of the improvements or the property as a whole for delinquentreal estate taxes, special assessments, or charges shall divest or in anywise affect the title to anindividual unit if the real estate taxes or duly levied share of the assessments and charges on theindividual unit are currently paid.
(4) Any exemption from taxes that may exist on real property or the ownership of theproperty may not be denied by virtue of the submission of the property to this chapter.
(5) Timeshare interests and timeshare estates, as defined in Subsection 57-19-2(17), maynot be separately taxed but shall be valued, assessed, and taxed at the unit level. The value oftimeshare interests and timeshare estates, for purposes of ad valorem taxation, shall bedetermined by valuing the real property interest associated with the timeshare interest ortimeshare estate, exclusive of the value of any intangible property and rights associated with theacquisition, operation, ownership, and use of the timeshare interest or timeshare estate, includingthe fees and costs associated with the sale of timeshare interests and timeshare estates that exceedthose fees and costs normally incurred in the sale of other similar properties, the fees and costsassociated with the operation, ownership, and use of timeshare interests and timeshare estates,vacation exchange rights, vacation conveniences and services, club memberships, and any otherintangible rights and benefits available to a timeshare unit owner. Nothing in this section shallbe construed as requiring the assessment of any real property interest associated with a timeshareinterest or timeshare estate at less than its fair market value. Notice of assessment, delinquency,sale, or any other purpose required by law is considered sufficient for all purposes if the notice isgiven to the management committee.
Amended by Chapter 268, 2007 General Session
Amended by Chapter 329, 2007 General Session
