| (1) |
The county assessor shall consider only those indicia of value that the land has for agricultural use as determined by the commission when assessing land:
Terms Used In Utah Code 59-2-1704- 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
- Land: includes :Utah Code 68-3-12.5
| (a) |
that meets the requirements of Section 59-2-1703 to be assessed under this part; and |
| (b) |
for which the owner has:
| (i) |
made a timely application in accordance with Section 59-2-1707 for assessment under this part for the tax year for which the land is being assessed; and |
| (ii) |
obtained approval of the application described in Subsection (1)(b)(i) from the county assessor. |
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| (2) |
In addition to the value determined in accordance with Subsection (1), the fair market value assessment shall be included on the notices described in:
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| (3) |
The county board of equalization shall review the agricultural use value and fair market value assessments each year as provided under Section 59-2-1001. |
Enacted by Chapter 197, 2012 General Session
