2011 Utah Code
Title 59 Revenue and Taxation
Chapter 2 Property Tax Act
Section 301.3 Definitions -- Assessment of real property subject to a low-income housing covenant.

59-2-301.3. Definitions -- Assessment of real property subject to a low-income housing covenant.
(1) As used in this section:
(a) "low-income housing covenant" means an agreement:
(i) between:
(A) the Utah Housing Corporation; and
(B) an owner of real property upon which residential housing is located; and
(ii) in which the owner described in Subsection (1)(a)(i)(B) agrees to limit the amount of rent that a renter may be charged for the residential housing; and
(b) "residential housing" means housing that:
(i) is used:
(A) for residential purposes; and
(B) as a primary residence; and
(ii) is rental property.
(2) In assessing the fair market value of real property that is subject to a low-income housing covenant, a county assessor shall include as part of the assessment any effects the low-income housing covenant may have on the fair market value of the real property.