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 ofdeferred 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 maynot 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 theproperty 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 federal funds rate target:
(I) established by the Federal Open Markets Committee; and
(II) that exists on the January 1 immediately preceding the day on which the taxes aredeferred; 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 writtenapproval of the application; and
(b) the applicant is not the owner of income producing assets that could be liquidated topay the tax.
(4) Any assets transferred to relatives in the prior three-year period shall be consideredby the county in making the county's determination.

Amended by Chapter 306, 2007 General Session