DAR File No. 37109

Tax Commission, Property Tax

Section R884-24P-67

Information Required for Valuation of Low-Income Housing Pursuant to Utah Code Ann. Sections 59-2-102 and 59-2-301.3

Notice of Proposed Rule

(Amendment)

DAR File No.: 37109
Filed: 12/14/2012 09:06:38 AM

RULE ANALYSIS

Purpose of the rule or reason for the change:

The proposed amendment deletes language that is now in statute.

Summary of the rule or change:

The proposed amendment deletes language that is no longer necessary since these provisions are now adequately addressed in statute by H.B. 75 (2012 General Session).

State statutory or constitutional authorization for this rule:

• Section 59-2-102
• Section 59-2-301.3

Anticipated cost or savings to:

the state budget:

None--Any fiscal impact was considered in H.B. 75 (2012).

local governments:

None--Any fiscal impact was considered in H.B. 75 (2012).

small businesses:

None--Any fiscal impact was considered in H.B. 75 (2012).

persons other than small businesses, businesses, or local governmental entities:

None--Any fiscal impact was considered in H.B. 75 (2012).

Compliance costs for affected persons:

None--The proposed amendment deletes language that is no longer necessary.

Comments by the department head on the fiscal impact the rule may have on businesses:

This deletion of language that now appears in statute creates no fiscal impact.

Michael Cragun, Commissione

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Tax Commission
Property Tax
210 N 1950 W
SALT LAKE CITY, UT 84134

Direct questions regarding this rule to:

• Christa Johnson at the above address, by phone at 801-297-3901, by FAX at 801-297-3907, or by Internet E-mail at cj@utah.gov

Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

01/31/2013

This rule may become effective on:

02/07/2013

Authorized by:

Michael Cragun, Tax Commissioner

R884. Tax Commission, Property Tax.

R884-24P. Property Tax.

R884-24P-67. Information Required for Valuation of Low-Income Housing Pursuant to Utah Code Ann. Sections 59-2-102 and 59-2-301.3.

[A.](1) The purpose of this rule is to provide an annual reporting mechanism to assist county assessors in gathering data necessary for accurate valuation of low-income housing projects.

[B.](2) The Utah Housing Corporation shall provide the following information that it has obtained from the owner of a low-income housing project to the commission:

[1.](a) for each low-income housing project in the state that is eligible for a low-income housing tax credit:

[a)](i) the Utah Housing Corporation project identification number;

[b)](ii) the project name;

[c)](iii) the project address;

[d)](iv) the city in which the project is located;

[e)](v) the county in which the project is located;

[f)](vi) the building identification number assigned by the Internal Revenue Service for each building included in the project;

[g)](vii) the building address for each building included in the project;

[h)](viii) the total apartment units included in the project;

[i)](ix) the total apartment units in the project that are eligible for low-income housing tax credits;

[j)](x) the period of time for which the project is subject to rent restrictions under an agreement described in [B.2.]Subsection (2)(b);

[k)](xi) whether the project is:

[(1)](A) the rehabilitation of an existing building; or

[(2)](B) new construction;

[l)](xii) the date on which the project was placed in service;

[m)](xiii) the total square feet of the buildings included in the project;

[n)](xiv) the maximum annual federal low-income housing tax credits for which the project is eligible;

[o)](xv) the maximum annual state low-income housing tax credits for which the project is eligible; and

[p)](xvi) for each apartment unit included in the project:

[(1)](A) the number of bedrooms in the apartment unit;

[(2)](B) the size of the apartment unit in square feet; and

[(3)](C) any rent limitation to which the apartment unit is subject; and

[2.](b) a recorded copy of the agreement entered into by the Utah Housing Corporation and the property owner for the low-income housing project; and

[3.](c) construction cost certifications for the project received from the low-income housing project owner.

[C.](3) The Utah Housing Corporation shall provide the commission the information under [B.]Subsection (2) by January 31 of the year following the year in which a project is placed into service.

[ D.1. Except as provided in D.2., by April 30 of each year, the owner of a low-income housing project shall provide the county assessor of the county in which the project is located the following project information for the prior year:

a) operating statement;

b) rent rolls; and

c) federal and commercial financing terms and agreements.

2. Notwithstanding D.1., the information a low-income project housing owner shall provide by April 30, 2004 to a county assessor shall include a 3-year history of the information required under D.1.

E. A county assessor shall assess and list the property described in this rule using the best information obtainable if the property owner fails to provide the information required under D.

]

KEY: taxation, personal property, property tax, appraisals

Date of Enactment or Last Substantive Amendment: [October 25, 2012]2013

Notice of Continuation: January 3, 2012

Authorizing, and Implemented or Interpreted Law: Art. XIII, Sec 2; 9-2-201; 11-13-302; 41-1a-202; 41-1a-301; 59-1-210; 59-2-102; 59-2-103; 59-2-103.5; 59-2-104; 59-2-201; 59-2-210; 59-2-211; 59-2-301; 59-2-301.3; 59-2-302; 59-2-303; 59-2-303.1; 59-2-305; 59-2-306; 59-2-401; 59-2-402; 59-2-404; 59-2-405; 59-2-405.1; 59-2-406; 59-2-508; 59-2-514; 59-2-515; 59-2-701; 59-2-702; 59-2-703; 59-2-704; 59-2-704.5; 59-2-705; 59-2-801; 59-2-918 through 59-2-924; 59-2-1002; 59-2-1004; 59-2-1005; 59-2-1006; 59-2-1101; 59-2-1102; 59-2-1104; 59-2-1106; 59-2-1107 through 59-2-1109; 59-2-1113; 59-2-1115; 59-2-1202; 59-2-1202(5); 59-2-1302; 59-2-1303; 59-2-1308.5; 59-2-1317; 59-2-1328; 59-2-1330; 59-2-1347; 59-2-1351; 59-2-1365