(1) As used in this section, “qualifying increase” means a valuation increase that is equal to or more than 150% higher than the previous year’s valuation for property that:

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Terms Used In Utah Code 59-2-303.3

  • 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.
  • assessment book: means a permanent record of the assessment of property as assessed by the county assessor and the commission and may be maintained manually or as a computerized file as a consolidated record or as multiple records by type, classification, or categories. See Utah Code 59-2-102
  • County legislative body: means :
         (8)(a) the county commission, in the county commission or expanded county commission form of government established under Title 17, Chapter 52a, Changing Forms of County Government;
         (8)(b) the county council, in the county executive-council optional form of government authorized by Section 17-52a-203; and
         (8)(c) the county council, in the council-manager optional form of government authorized by Section 17-52a-204. See Utah Code 68-3-12.5
  • Equal: means , with respect to biological sex, of the same value. 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
  • Improvement: includes :
              (18)(b)(i) an accessory to an item described in Subsection (18)(a) if the accessory is:
                   (18)(b)(i)(A) essential to the operation of the item described in Subsection (18)(a); and
                   (18)(b)(i)(B) installed solely to serve the operation of the item described in Subsection (18)(a); and
              (18)(b)(ii) an item described in Subsection (18)(a) that is temporarily detached from the land for repairs and remains located on the land. See Utah Code 59-2-102
  • Process: means a writ or summons issued in the course of a judicial proceeding. 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
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • real property: includes :
         (32)(a) the possession of, claim to, ownership of, or right to the possession of land;
         (32)(b) all mines, minerals, and quarries in and under the land, all timber belonging to individuals or corporations growing or being on the lands of this state or the United States, and all rights and privileges appertaining to these; and
         (32)(c) improvements. See Utah Code 59-2-102
     (1)(a) is county assessed; and
     (1)(b) on or after January 1 of the previous year and before January 1 of the current year, has not had:

          (1)(b)(i) a physical improvement if the fair market value of the physical improvement increases enough to result in the valuation increase solely as a result of the physical improvement;
          (1)(b)(ii) a zoning change if the fair market value of the real property increases enough to result in the valuation increase solely as a result of the zoning change; or
          (1)(b)(iii) a change in the legal description of the real property, if the fair market value of the real property increases enough to result in the valuation increase solely as a result of the change in the legal description of the real property.
(2)

     (2)(a) For the calendar year beginning on January 1, 2023, the county assessor shall review the assessment of the property with a qualifying increase on or before May 31, 2024.
     (2)(b) For a calendar year beginning on or after January 1, 2024, the county assessor shall review the assessment of a property with a qualifying increase before delivery of the assessment book to the county auditor in accordance with Section 59-2-311.
     (2)(c) The county assessor shall retain a record of the properties for which the county assessor conducts a review in accordance with this Subsection (2) and the results of that review.
(3)

     (3)(a) When the county assessor conducts the review described in Subsection (2):

          (3)(a)(i) if the county assessor determines that the assessed value of the property reflects the property’s fair market value, the county assessor may not adjust the property’s assessed value; or
          (3)(a)(ii) if the county assessor determines that the assessed value of the property does not reflect the review property’s fair market value, the county assessor shall adjust the assessed value of the review property to reflect the fair market value.
     (3)(b) If a county assessor makes an adjustment under Subsection (3)(a) for the calendar year beginning on January 1, 2023, the county legislative body shall authorize a refund of the property tax that is overpaid as a result of the adjustment.
     (3)(c) If a county assessor makes an adjustment under Subsection (3)(a) for the calendar year beginning on January 1, 2024, the county assessor shall list the adjusted value set in accordance with this section as the original assessed value on the valuation notice sent in accordance with Section 59-2-919.1.
(4)

     (4)(a) Upon completing the review described in Subsection (2), the county assessor shall report to the commission:

          (4)(a)(i) the number of properties that:

               (4)(a)(i)(A) required a review in accordance with Subsection (2); and
               (4)(a)(i)(B) the county reduced the value as a result of the review; and
          (4)(a)(ii) the parcel number of any property:

               (4)(a)(ii)(A) that required a review in accordance with Subsection (2);
               (4)(a)(ii)(B) that has an increase in value of $50,000 or more; and
               (4)(a)(ii)(C) for which the county assessor did not reduce the value.
     (4)(b)

          (4)(b)(i) A county that has any property subject to a review in accordance with this section for two consecutive years shall report to the Revenue and Taxation Interim Committee:

               (4)(b)(i)(A) at the same meeting or a meeting after the meeting during which the commission makes the report described in Section 59-2-1008;
               (4)(b)(i)(B) in the same year as the commission report; and
               (4)(b)(i)(C) on the number of properties with a qualifying increase and the reasons for the qualifying increases.
          (4)(b)(ii) The requirement to report applies if the county has a property that is subject to review under this section in each of two consecutive years regardless of whether the property that is subject to review is the same property for each year.
          (4)(b)(iii) The requirement to report does not apply if the qualifying increase is less than $50,000.
(5) The review process described in this section does not supersede or otherwise affect a taxpayer’s right to appeal or to seek judicial review of the valuation or equalization of a review property in accordance with:

     (5)(a) Part 10, Equalization;
     (5)(b) Chapter 1, Part 6, Judicial Review; or
     (5)(c) Title 63G, Chapter 4, Part 4, Judicial Review.
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