(1) (a) In accordance with this part, a county may defer a tax on residential property after giving notice to the taxpayer. (b) In determining a deferral, a county shall consider an asset transferred to a relative by an applicant for deferral, if the transfer took place during the three years prior to the day on which the applicant applied for deferral.
(a) In accordance with this part, a county may defer a tax on residential property after giving notice to the taxpayer.
(b) In determining a deferral, a county shall consider an asset transferred to a relative by an applicant for deferral, if the transfer took place during the three years prior to the day on which the applicant applied for deferral.
(2) A county may grant a deferral at any time: (a) after the holder of each mortgage or trust deed outstanding on the property gives written approval of the application; and (b) if the applicant is not the owner of income-producing assets that could be liquidated to pay the tax.
(a) after the holder of each mortgage or trust deed outstanding on the property gives written approval of the application; and
(b) if the applicant is not the owner of income-producing assets that could be liquidated to pay the tax.
(3) Taxes deferred by the county accumulate with interest as a lien against the residential property, as described in Subsection (4), until the owner sells or otherwise disposes of the residential property.
(4) Deferred taxes under this section: (a) bear interest at an interest rate equal to the lesser of: (i) 6%; or (ii) the federal funds rate target: (A) established by the Federal Open Markets Committee; and (B) that exists on the January 1 immediately preceding the day on which the taxes are deferred; and (b) have the same status as a lien as described in Sections 59-2-1301 and 59-2-1325.
(a) bear interest at an interest rate equal to the lesser of: (i) 6%; or (ii) the federal funds rate target: (A) established by the Federal Open Markets Committee; and (B) that exists on the January 1 immediately preceding the day on which the taxes are deferred; and
(i) 6%; or
(ii) the federal funds rate target: (A) established by the Federal Open Markets Committee; and (B) that exists on the January 1 immediately preceding the day on which the taxes are deferred; and
(A) established by the Federal Open Markets Committee; and
(B) that exists on the January 1 immediately preceding the day on which the taxes are deferred; and
(b) have the same status as a lien as described in Sections 59-2-1301 and 59-2-1325.
(5) If the owner of residential property that is granted deferral under this section is an indigent individual, during the period of deferral the county may not subject the residential property to a tax sale.
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