This form is a clause regarding additional rent element of an office lease providing for tax increases. The tax increases pertain to assessments and special assessments levied, assessed or imposed upon the building and/or the land under, including any land(s) dedicated to the use of, the building, by any governmental bodies or authorities.
Utah Tax Increase Clause
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Multi-State
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US-OL19033GA
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Word;
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FAQ
Utah law requires ?Truth in Taxation? hearings to be held when a taxing entity elects to collect more revenue than was collected the previous year, although the entities are permitted to keep revenues generated by ?new growth??such as value added from a new subdivision or a new business.
Residential properties that serve as the property owner's or a tenant's primary residence for a minimum of 183 days per calendar year receive an exemption of 45% of fair market value. As a result, the primary residence is only assessed and taxed based on the remaining 55% of its fair market value.
If you are 75 or older and qualify for property tax deferral, you won't need to pay the tax each year, but it will accrue with interest.
The primary residential exemption is a 45% property tax exemption on most homes in Utah. This means you only pay property taxes on 55% of your home's fair market value. You may be eligible for the primary residential exemption if you occupy your home for 183 consecutive days or more in a calendar year.
General Information. The Utah State Constitution, Article XIII, § 3, allows County Assessors to exempt from taxation 45% of the fair market value of residential property and up to one acre of land. Statute defines residential property, for purposes of the exemption, to be a primary residence.
Overview of Utah Taxes Utah's average effective property tax rate is just 0.52%, good for sixth-lowest in the country. Here, the typical homeowner can expect to pay about $2,191 annually in property tax payments. Not in Utah?
FindLaw Newsletters Stay up-to-date with how the law affects your life Code SectionUtah Code 78B-5-501, et seq.: Utah Exemptions ActMax. Property Value That May Be Designated 'Homestead'$5,000 if property is not primary personal residence, $20,000 if property is primary personal residenceMaximum Acreage (Urban)-1 more row
You must be able to prove Utah residency and household income to qualify. Up to $1,186 of property tax can be abated, based on income, plus an additional credit equal to the tax on 20 per- cent of a home's fair market value.