(1) All tangible taxable property located within the state shall be assessed and taxed at a uniform and equal rate on the basis of its fair market value, as valued on January 1, unless otherwise provided by law.

(2) Subject to Subsections (3) through (5) and Section 59-2-103.5, for a calendar year, the fair market value of residential property located within the state is allowed a residential exemption equal to a 45% reduction in the value of the property.

(3) Part-year residential property located within the state is allowed the residential exemption described in Subsection (2) if the part-year residential property is used as residential property for 183 or more consecutive calendar days during the calendar year for which the owner seeks to obtain the residential exemption.

(4) No more than one acre of land per residential unit may qualify for the residential exemption described in Subsection (2).

(5) (a) Except as provided in Subsection (5)(b)(ii), a residential exemption described in Subsection (2) is limited to one primary residence per household. (b) An owner of multiple primary residences located within the state is allowed a residential exemption under Subsection (2) for: (i) subject to Subsection (5)(a), the primary residence of the owner; and (ii) each residential property that is the primary residence of a tenant.

(a) Except as provided in Subsection (5)(b)(ii), a residential exemption described in Subsection (2) is limited to one primary residence per household.

(b) An owner of multiple primary residences located within the state is allowed a residential exemption under Subsection (2) for: (i) subject to Subsection (5)(a), the primary residence of the owner; and (ii) each residential property that is the primary residence of a tenant.

(i) subject to Subsection (5)(a), the primary residence of the owner; and

(ii) each residential property that is the primary residence of a tenant.