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Utah law would create a new registration and tax system aimed at large-scale ownership of single-family rental homes. Under this bill, anyone who rents out a single-family home in Utah—including property managers—would have to register each property with the Division of Real Estate by October 1, 2026, or within 30 days of starting to rent it, providing ownership and property details; failing to register would carry a $100-per-month penalty per home, and counties would be required to notify property owners about this new registration requirement through the 2026 property valuation notice. Starting in 2027, owners who hold 25 or more single-family rental homes statewide would owe an annual excise tax per home, scaled from $2,000 up to $6,000 depending on portfolio size, with the Division of Real Estate providing tax information to registered owners and sharing registration data with county assessors to help verify that homes claiming the primary residential property tax exemption actually qualify. Revenue from the tax and registration penalties would flow into a new Housing Transition Redevelopment Fund, which would finance a competitive grant program allowing cities and towns to apply for funding to convert single-family homes owned by large investors into deed-restricted, owner-occupied "attainable" homes in designated areas, with grant funds barred from subsidizing market-rate rentals or helping investors pay the new tax. The registration requirement, the excise tax, and the grant program would all be scheduled to expire in 2032 unless the Legislature reviews and renews them before then.