| (1) |
As used in this section, “valuation reduction” means a reduction in the value of property on appeal if that reduction was made:
Terms Used In Utah Code 59-2-301.4- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- County legislative body: means :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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Property: means property that is subject to assessment and taxation according to its value. See Utah Code 59-2-102
| (a) |
within the three years before the January 1 of the year in which the property is being assessed; and |
| (b) |
by a:
| (i) |
county board of equalization in a final decision; |
| (ii) |
the commission in a final unappealable administrative order; or |
| (iii) |
a court of competent jurisdiction in a final unappealable judgment or order. |
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| (2) |
In assessing the fair market value of property subject to a valuation reduction, a county assessor shall consider in the assessor’s determination of fair market value:
| (a) |
any additional information about the property that was previously unknown or unaccounted for by the assessor that is made known on appeal; and |
| (b) |
whether the reasons for the valuation reduction continue to influence the fair market value of the property. |
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| (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. |
| (4) |
| (a) |
Subject to the other provisions of this Subsection (4), for a calendar year, a county legislative body may reduce the value of property, or issue a refund of property taxes paid, if:
| (i) |
a county board of equalization, the commission, or a court of competent jurisdiction makes a valuation reduction with respect to the property; |
| (ii) |
the property is assessed in the next calendar year at a value that is at least five times greater than the value established at the time of the valuation reduction; and |
| (iii) |
the county legislative body determines that the assessed value described in Subsection (4)(a)(ii) exceeds fair market value. |
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| (b) |
A county legislative body may make a reduction or refund under Subsection (4)(a) if an owner of the property:
| (i) |
applies to the county legislative body; and |
| (ii) |
has not filed an appeal with the county board of equalization under Section 59-2-1004 or the commission under Section 59-2-1006 with respect to the property for the calendar year in which the owner applies to the county legislative body under Subsection (4)(b)(i). |
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| (c) |
A reduction described in Subsection (4)(a):
| (i) |
may be made if the property taxes have not been paid for the calendar year for which an owner applies to the county legislative body under Subsection (4)(b)(i); and |
| (ii) |
is in an amount to ensure that the property is assessed at fair market value. |
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| (d) |
A refund described in Subsection (4)(a):
| (i) |
may be made if the property taxes have been paid for the calendar year for which an owner applies to the county legislative body under Subsection (4)(b)(i); and |
| (ii) |
is in an amount to ensure that the property is taxed at a uniform and equal rate on the basis of its fair market value. |
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Amended by Chapter 248, 2013 General Session
