Utah § 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.
Full text of Utah Utah Code § 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., with citation guidance and answers to common questions.
§ 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.
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.
(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.
(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).
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.
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.
Frequently Asked Questions About Utah § 59-2-301.4
What does Utah Code § 59-2-301.4 cover?
Section 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.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 59-2-301.4?
A common citation format is "Utah Code § 59-2-301.4" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 59-2-301.4 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
