59-2-301.7. Definitions — Assessment of property used for radioactive or hazardous waste storage.
| (1) |
As used in this section:
Terms Used In Utah Code 59-2-301.7- 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) |
“Hazardous waste” has the same meaning as that term is defined in Section 19-6-102. |
| (b) |
| (i) |
“Radioactive waste” means:
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| (ii) |
“Radioactive waste” does not include naturally occurring radioactive materials. |
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| (2) |
Subject to Subsection (3), in assessing the fair market value of property, a county assessor shall consider, as part of the determination of fair market value, whether property that is not currently used for the storage of hazardous waste or radioactive waste has been used in the past for the storage of hazardous waste or radioactive waste in a manner that affects:
| (a) |
the functionality of the property; |
| (b) |
the ability to use the property; or |
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| (3) |
Subsection (2) applies to the extent a county assessor knows, or reasonably should have known, that property has been used in the past for the storage of hazardous waste or radioactive waste. |
| (4) |
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 199, 2015 General Session
