59-2-301.8. Assessment of multi-tenant residential property.
(1) As used in this section: "Multi-tenant residential property" means real and personal property where: the real property: is rented as 10 or more separate housing units; meets the definition of residential property; and qualifies for the residential exemption described in Section; and 59-2-103 the personal property is: located within the real property; and owned by the same person as the real property. "Multi-tenant residential property" does not include a tourist home, a hotel, a motel, or a trailer court accommodation and service that is regularly rented for fewer than 30 consecutive days.
(2) A county assessor may use an income approach to value multi-tenant residential properties within the county if the county assessor finds that the income approach is a valid indicator of fair market value for the multi-tenant residential property in the county. A county assessor that chooses to value a multi-tenant residential property in accordance with this section shall use the same valuation method for all multi-tenant residential properties within the county. On or before May 1, a county assessor shall notify the commission about the county's method for valuing multi-tenant residential properties if the county assessor: chooses to value multi-tenant residential properties in accordance with this section for the current tax year; and did not choose to value multi-tenant residential properties in accordance with this section for the previous tax year; or chose to value multi-tenant residential properties in accordance with this section for the previous tax year; and is not choosing to value multi-tenant residential properties in accordance with this section for the current tax year.
(3) If a county assessor chooses to use the income approach to value multi-tenant residential properties, the county assessor may relieve the owners of any obligation to file the signed statement requested by the county under Sectionfor the owners' personal property located within the multi-tenant residential properties. 59-2-306 On or before May 1: a county assessor that chooses to value multi-tenant residential properties in accordance with this section shall notify an owner that the owner is not required to file a signed statement if: the county requests a signed statement under Section; 59-2-306 the county assessor relieves the owner of any obligation to file a signed statement in accordance with Subsection; and (3)(a) the county assessor did not relieve the owner of the signed statement obligation for the previous tax year; or a county assessor that chooses not to value multi-tenant residential properties in accordance with this section shall notify an owner of the obligation to file a signed statement if: the county requests a signed statement under Section; and 59-2-306 the county assessor relieved the owner from filing a signed statement of personal property for the previous tax year.
(4) For personal property for which an owner is relieved of the obligation to file a signed statement under Subsection: (3) the county assessor shall assess the personal property in the same manner as real property under; and Part 3, County Assessment the county assessor or the county treasurer shall collect the tax on the personal property in the same manner as real property under; Part 13, Collection of Taxes the county assessor is not required to list personal property separately in the assessment roll; and the county auditor is not required to identify personal property separately on the statement to the commission required by Section. 59-2-322