Superseded 7/1/2023)
59-2-301.5. Definitions — Assessment of property if threatened or endangered species is present.
| (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
| (a) |
“Endangered” is as defined in Section 23-13-2. |
| (b) |
“Threatened” is as defined in Section 23-13-2. |
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| (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:
| (a) |
the functionality of the property; |
| (b) |
the ability to use the property; and |
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| (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. |
Enacted by Chapter 96, 2013 General Session
