Utah Code 59-2-301.2. Definitions — Assessment of property subject to a minimum parcel size — Other factors affecting fair market value
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(1) “Minimum parcel size” means the minimum size that a parcel of property may be divided into under a zoning ordinance adopted by a:
Terms Used In Utah Code 59-2-301.2
- City: includes , depending on population, a metro township as defined in Section
10-3c-102 . 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
- Town: includes , depending on population, a metro township as defined in Section
10-3c-102 . See Utah Code 68-3-12.5(1)(a) county in accordance withTitle 17, Chapter 27a, Part 5, Land Use Regulations ; or(1)(b) city or town in accordance withTitle 10, Chapter 9a, Part 5, Land Use Regulations .
(2) In assessing the fair market value of a parcel of property that is subject to a minimum parcel size of one acre or more, a county assessor shall include as part of the assessment:
(2)(a) that the parcel of property may not be subdivided into parcels of property smaller than the minimum parcel size; and
(2)(b) any effects Subsection (2)(a) may have on the fair market value of the parcel of property.
(3) This section does not prohibit a county assessor from including as part of an assessment of the fair market value of a parcel of property any other factor affecting the fair market value of the parcel of property.