11-58-606. Distribution of property tax differential.
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Effective 3/14/2023
11-58-606. Distribution of property tax differential.
(1)A county that collects property tax on property within a project area shall, in the manner and at the time provided in Section 59-2-1365 :
(a)pay and distribute to the authority the property tax differential that the authority is entitled to be paid under this chapter; and
(b)pay and distribute to the primary municipality the primary municipality differential described in Subsection 11-58-604(2)(c) .
(2)The authority shall pay to the primary municipality's agency, to be used for affordable housing as provided in Section 17C-1-412 , 10% of all property tax differential that is:
(a)paid to the authority; and
(b)generated within the reduced area.
Enacted by Chapter 259 , 2023 General Session