59-2-1108 - Indigent persons -- Deferral of taxes -- Interest rate -- Treatment of deferred taxes.
59-2-1108. Indigent persons -- Deferral of taxes -- Interest rate -- Treatment ofdeferred 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 maynot 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 theproperty 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 aredeferred; 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 writtenapproval of the application; and
(b) the applicant is not the owner of income producing assets that could be liquidated topay the tax.
(4) Any assets transferred to relatives in the prior three-year period shall be consideredby the county in making the county's determination.
(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 maynot 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 theproperty 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 aredeferred; 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 writtenapproval of the application; and
(b) the applicant is not the owner of income producing assets that could be liquidated topay the tax.
(4) Any assets transferred to relatives in the prior three-year period shall be consideredby the county in making the county's determination.
Amended by Chapter 306, 2007 General Session