Utah Code 59-2-301.6. Definition — Assessment of property having a diminished productive value
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(1) As used in this section, “diminished productive value” means that property has no, or a significantly reduced, ability to generate income as a result of:
Terms Used In Utah Code 59-2-301.6
- 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) a parcel size requirement established under a land use ordinance or zoning map adopted by a:(1)(a)(ii) a county in accordance with Title 17, Chapter 27a, Part 5, Land Use Regulations; or(1)(b) one or more easements burdening the property.
(2) In assessing the fair market value of property, a county assessor shall consider as part of the determination of fair market value whether property has diminished productive value.
(3) This section does not prohibit a county assessor from including as part of a determination of the fair market value of property any other factor affecting the fair market value of the property.