59-2-301.6. Definition — Assessment of property having a diminished productive value.
| (1) |
As used in this section, “diminished productive value” means that property has no, or a significantly reduced, ability to generate income as a result of:
Terms Used In Utah Code 59-2-301.6- 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
- Property: means property that is subject to assessment and taxation according to its value. See Utah Code 59-2-102
- Town: includes , depending on population, a metro township as defined in Section 10-3c-102. See Utah Code 68-3-12.5
| (a) |
a parcel size requirement established under a land use ordinance or zoning map adopted by a:
| (i) |
city or town in accordance with 5; or |
| (ii) |
a county in accordance with 5; or |
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| (b) |
one or more easements burdening the property. |
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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 property has diminished productive value. |
| (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 218, 2014 General Session
