| (1) |
Terms Used In Utah Code 59-2-701- Appraisal: A determination of property value.
- 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
- Person: means :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
| (a) |
Except as provided in Subsection (1)(b), a person performing an appraisal for purposes of establishing fair market value of real estate or real property for the assessment roll shall be the holder of an appraiser’s certificate or license issued by the Division of Real Estate under Title 61, Chapter 2g, Real Estate Appraiser Licensing and Certification Act. |
|
| (2) |
The limitations on appraisal authority under Subsections 61-2g-311(1) and (2) and Section 61-2g-312 do not apply to a person performing an appraisal for purposes of establishing fair market value for the assessment roll. |
| (3) |
The commission may prescribe additional requirements for any person performing an appraisal for purposes of establishing fair market value for the assessment roll. |
| (5) |
In accordance with Section 17-17-1, a county assessor shall ensure that the assessor’s office is in compliance with this section and any additional rules or requirements for property appraisers established by the commission. |
Amended by Chapter 70, 2012 General Session
