Utah Code 59-2-301.5. Definitions — Assessment of property if threatened or endangered species is present
Current as of: 2024 | Check for updates
|
Other versions
(1) As used in this section:
Terms Used In Utah Code 59-2-301.5
- 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
- Property: means property that is subject to assessment and taxation according to its value. See Utah Code 59-2-102
(1)(a) “Endangered” is as defined in Section 23A-1-101.
(1)(b) “Threatened” is as defined in Section 23A-1-101.
(2) In assessing the fair market value of property, a county assessor shall consider as part of the determination of fair market value whether a threatened or endangered species is present on any portion of the property, including any impacts the presence of the threatened or endangered species has on:
(2)(a) the functionality of the property;
(2)(b) the ability to use the property; and
(2)(c) property rights.
(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.