Section 11-59-207 - Annual assessment on leased property(1) As used in this section: (a) "Annual assessment" means an assessment: (i) that is levied and collected each year, as provided in this section; and(ii) in an amount that is the equivalent of the cumulative real property tax that would be levied and collected on leased property by all taxing entities if the leased property were not exempt property.(b) "Exempt property" means real property that is exempt from ad valorem property tax because the real property is owned by the state.(c) "Lease agreement" means an agreement by which a private person leases from the state real property that is part of the point of the mountain state land.(d)(i) "Leased property" means real property that: (A) is part of the point of the mountain state land;(B) is leased by a private person; and(C) would be subject to ad valorem property tax if the real property were owned by the private person.(ii) "Leased property" includes attachments and other improvements to the real property that would be included in an assessment of the value of the real property if the real property were not exempt property.(e) "Leased property value" means the value that leased property would have if the leased property were subject to ad valorem property tax.(f) "Lessee" means a private person that leases property that is part of the point of the mountain state land under a lease agreement.(2) Beginning January 1 of the year immediately following the execution of a lease agreement, a lessee under the lease agreement shall pay an annual assessment with respect to the leased property that is the subject of the lease agreement.(3) In a county in which the point of the mountain state land is located:(a) the county assessor shall determine the leased property value of leased property that is subject to an annual assessment as though the leased property were subject to ad valorem property tax;(b) the county treasurer shall collect an annual assessment in the same way and at the same time that the treasurer would collect ad valorem property tax on the leased property if the leased property were subject to ad valorem property tax;(c) the county may retain an administrative fee for collecting and distributing the annual assessment in the same amount that would apply if the leased property were not exempt property; and(d) the county treasurer shall distribute to the authority all revenue from an annual assessment on leased property in the same way and at the same time as the treasurer distributes ad valorem property tax revenue to taxing entities in accordance with Section 59-2-1365.(4) Leased property is not subject to a privilege tax under Title 59, Chapter 4, Privilege Tax.Amended by Chapter 207, 2024 General Session ,§ 3, eff. 5/1/2024.Added by Chapter 237, 2022 General Session ,§ 8, eff. 5/4/2022.