59-2-301.4.
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/ut/title-59/chapter-2/59-2-301-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
59-2-301.4. Definition -- Assessment of property after a reduction in value -- Other factors affecting fair market value -- County legislative body authority to reduce value or issue a refund after a valuation reduction.
(1)As used in this section, "valuation reduction" means a reduction in the value of property on appeal if that reduction was made:
(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.
(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.
(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.
(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.
(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) .
(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.
(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.
Amended by Chapter 248 , 2013 General Session