Utah Code 59-2-1704. Indicia of value for urban farming assessment — Inclusion of fair market value on certain property tax notices
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(1) The county assessor shall consider only those indicia of value that the land has for agricultural use as determined by the commission when assessing land:
Terms Used In Utah Code 59-2-1704
- 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(1)(a) that meets the requirements of Section
59-2-1703 to be assessed under this part; and(1)(b) for which the owner has:(1)(b)(i) made a timely application in accordance with Section59-2-1707 for assessment under this part for the tax year for which the land is being assessed; and(1)(b)(ii) obtained approval of the application described in Subsection(1)(b)(i) from the county assessor.
(2) In addition to the value determined in accordance with Subsection (1) , the fair market value assessment shall be included on the notices described in:
(2)(a) Section 59-2-919.1 ; and
(2)(b) Section 59-2-1317 .
(3) The county board of equalization shall review the agricultural use value and fair market value assessments each year as provided under Section 59-2-1001 .