2006 Utah Code - 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 of deferred 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 may not 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 the property 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 targeted federal funds rate:
     (I) as defined in 12 C.F.R. Sec. 201.2; and
     (II) that exists on the January 1 immediately preceding the day on which the taxes are deferred; 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 written approval of the application; and
     (b) the applicant is not the owner of income producing assets that could be liquidated to pay the tax.
     (4) Any assets transferred to relatives in the prior three-year period shall be considered by the county in making the county's determination.

Amended by Chapter 143, 2003 General Session