If you have rentals in Salt Lake County you may have received a letter from the Salt Lake County Assessor's Office like the one below. Several clients contact us concerned that their taxes will be
How Real Estate Investors Can Continue To Qualify For Reduced Property Taxes
Dated: July 1 2020
If you have rentals in Salt Lake County you may have received a letter from the Salt Lake County Assessor's Office like the one below. Several clients contact us concerned that their taxes will be increasing. This is NOT the case since you are doing long-term leases with full-time tenants.
The wording of the letter is a little confusing, so I wanted to help give clarity to what this means, and what to do to continue receiving the 45% tax exemption.
First, the code describes that the exemption DOES apply to any property occupied by a full-time tenant. So, as long as we continue doing longer-term leases, and not nightly (AirBnB), you are just fine and will continue to receive the exemption so long as you fill out the required exemption form. Here's a link to the state code describing the taxation and exemption (here).
To continue receiving the exemption, fill out the following form. Simply provide the parcel # and pin provided on the letter you received.
If you did not receive a letter it could be on it's way, it was misplaced or you have previously registered your property. In which case I suggest you contact the county to request the exemption from 385-468-8000.
If you need assistance in completing this process, our team would be happy to assist. Please contact us at email@example.com or schedule a call.