Assessment of multi-tenant residential property

(1) As used in this section: (a) "Multi-tenant residential property" means real and personal property where: (i) the real property: (A) is rented as 10 or more separate housing units; (B) meets the definition of residential property; and (C) qualifies for the residential exemption described in Section 59-2-103; and (ii) the personal property is: (A) located within the real property; and (B) owned by the same person as the real property. (b) "Multi-tenant residential property" does not include a tourist home, a hotel, a motel, or a trailer court accommodation and service that is regularly rented for fewer than 30 consecutive days. (2) (a) A county assessor may use an income approach to value multi-tenant residential properties within the county if the county assessor finds that the income approach is a valid indicator of fair market value for the multi-tenant residential property in the county. (b) A county assessor that chooses to value a multi-tenant residential property in accordance with this section shall use the same valuation method for all multi-tenant residential properties within the county. (c) On or before May 1, a county assessor shall notify the commission about the county's method for valuing multi-tenant residential properties if the county assessor: (i) (A) chooses to value multi-tenant residential properties in accordance with this section for the current tax year; and (B) did not choose to value multi-tenant residential properties in accordance with this section for the previous tax year; or (ii) (A) chose to value multi-tenant residential properties in accordance with this section for the previous tax year; and (B) is not choosing to value multi-tenant residential properties in accordance with this section for the current tax year. (3) (a) If a county assessor chooses to use the income approach to value multi-tenant residential properties, the county assessor may relieve the owners of any obligation to file the signed statement requested by the county under Section 59-2-306 for the owners' personal property located within the multi-tenant residential properties. (b) On or before May 1: (i) a county assessor that chooses to value multi-tenant residential properties in accordance with this section shall notify an owner that the owner is not required to file a signed statement if: (A) the county requests a signed statement under Section 59-2-306; (B) the county assessor relieves the owner of any obligation to file a signed statement in accordance with Subsection (3)(a); and (C) the county assessor did not relieve the owner of the signed statement obligation for the previous tax year; or (ii) a county assessor that chooses not to value multi-tenant residential properties in accordance with this section shall notify an owner of the obligation to file a signed statement if: (A) the county requests a signed statement under Section 59-2-306; and (B) the county assessor relieved the owner from filing a signed statement of personal property for the previous tax year. (4) For personal property for which an owner is relieved of the obligation to file a signed statement under Subsection (3): (a) (i) the county assessor shall assess the personal property in the same manner as real property under Part 3, County Assessment; and (ii) the county assessor or the county treasurer shall collect the tax on the personal property in the same manner as real property under Part 13, Collection of Taxes; (b) the county assessor is not required to list personal property separately in the assessment roll; and (c) the county auditor is not required to identify personal property separately on the statement to the commission required by Section 59-2-322.