Robert, a 72-year-old homeowner in Davis County, Utah, has a fixed income and is struggling to pay his property taxes on his primary residence. His household income qualifies him for the state's income-based property tax relief. Which Utah program is specifically designed to help low-income elderly and disabled homeowners reduce their property tax burden on a primary residence?
Correct Answer
D) The Circuit Breaker Property Tax Relief program under Utah Code Ann. § 59-2-1208
Utah Code Ann. § 59-2-1208 establishes the Circuit Breaker Property Tax Relief program, which provides a property tax credit or abatement for qualifying low-income homeowners who are 66 years of age or older, or who are disabled. The program is designed to prevent property taxes from becoming an excessive 'circuit-breaking' burden on fixed-income elderly and disabled residents. Applicants must meet income thresholds and use the property as their primary residence.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
The comparable sales approach estimates a property's value by comparing it to similar properties that have recently sold in the same market area. It is the most widely used and reliable approach for appraising residential properties.
The cost approach estimates a property's value by calculating the current cost to rebuild the improvements, subtracting accumulated depreciation, and adding the land value. It is most reliable for new construction and special-purpose properties.
More Valuation Questions
In Utah, property taxes are collected by which governmental entity?
In Utah, how is a primary residence assessed for property tax purposes under the residential exemption?
Which of the following best describes how Utah's rapid population growth, driven partly by Silicon Slopes tech expansion, has affected housing affordability?
When appraising a property in Utah's Wasatch Front, which environmental hazard would an appraiser need to consider that is less common in most other states?
The rapid growth of the 'Silicon Slopes' tech corridor in Utah has most directly affected real estate in which area?
- → The income approach to appraisal is most commonly used for which type of property?
- → Which formula correctly calculates the capitalization rate?
- → External obsolescence in Oklahoma:
- → The sales comparison approach to appraisal is most appropriate for which type of property?
- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
- → The sales comparison approach to appraisal is most commonly used for which type of property?
- → Which four tests must a use satisfy to qualify as the highest and best use of a property?
- → Three depreciation:
- → Cap rate:
- → Which formula best represents the cost approach to appraisal?
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