Utah Code 59-2-301.1. Assessment of property subject to a conservation easement — Assessment of golf course or hunting club — Assessment of common areas
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(1) In assessing the fair market value of property subject to a conservation easement under Title 57, Chapter 18, Land Conservation Easement Act, a county assessor shall consider factors relating to the property and neighboring property that affect the fair market value of the property being assessed, including:
Terms Used In Utah Code 59-2-301.1
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Fair market value: means the amount at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts. See Utah Code 59-2-102
- Land: includes :(18)(a) land;(18)(b) a tenement;(18)(c) a hereditament;(18)(d) a water right;(18)(e) a possessory right; and(18)(f) a claim. See Utah Code 68-3-12.5
- Property: means property that is subject to assessment and taxation according to its value. See Utah Code 59-2-102
(1)(a) value that transfers to neighboring property because of the presence of a conservation easement on the property being assessed;(1)(b) practical and legal restrictions on the development potential of the property because of the presence of the conservation easement;(1)(c) the absence of neighboring property similarly subject to a conservation easement to provide a basis for comparing values between properties; and(1)(d) any other factor that causes the fair market value of the property to be affected because of the presence of a conservation easement.
(2)
(2)(a) In assessing the fair market value of a golf course or hunting club, a county assessor shall consider factors relating to the golf course or hunting club and neighboring property that affect the fair market value of the golf course or hunting club, including:
(2)(a)(i) value that transfers to neighboring property because of the presence of the golf course or hunting club;
(2)(a)(ii) practical and legal restrictions on the development potential of the golf course or hunting club; and
(2)(a)(iii) the history of operation of the golf course or hunting club and the likelihood that the present use will continue into the future.
(2)(b) The valuation method a county assessor may use in determining the fair market value of a golf course or hunting club includes:
(2)(b)(i) the cost approach;
(2)(b)(ii) the income capitalization approach; and
(2)(b)(iii) the sales comparison approach.
(3) Except as otherwise provided by the plat or accompanying recorded document, a county assessor shall assess a common area and facility as defined in Section 57-8-3 or a common area as defined in Section 57-8a-102 consistent with the equal ownership interests described in Subsection 10-9a-606 (4) or 17-27a-606 (4) and may not assess the common area and facility or common area in a manner that reflects a different division of interest.
(4) In assessing the fair market value of property that is a common area or facility under Title 57, Chapter 8, Condominium Ownership Act, or a common area under Title 57, Chapter 8a, Community Association Act, a county assessor shall consider factors relating to the property and neighboring property that affect the fair market value of the property being assessed, including:
(4)(a) value that transfers to neighboring property because the property is a common area or facility;
(4)(b) practical and legal restrictions on the development potential of the property because the property is a common area or facility;
(4)(c) the absence of neighboring property similarly situated as a common area or facility to provide a basis for comparing values between properties; and
(4)(d) any other factor that causes the fair market value of the property to be affected because the property is a common area or facility.