Utah Governor Gary Herber recently signed into law H.B. 75, originally introduced by Utah State Representative Jack R. Draxler (R), which will make changes to property tax provisions related to low-income housing. The bill requires owners of property subject to low-income housing covenant to annually provide rent rolls and a financial operating statement for the prior year, a signed statement that the property continues to meet LIHTC requirements, and financing terms and agreements for the property to county assessors. The bill will also allow require a separate assessment when the aforementioned information is not provided and owners who fail to provide this information before April 30 of each year will be assessed a penalty. County assessors are given the authority to waive, reduce, or compromise the penalty in certain circumstances. The law will take effect on January 1, 2013.

Click here to read HB 75.