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First Substitute H.B. 265

This document includes House Floor Amendments incorporated into the bill on Thu, Feb 25, 2010 at 3:14 PM by lerror. -->

Representative Gage Froerer proposes the following substitute bill:


             1     
REAL PROPERTY AMENDMENTS

             2     
2010 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Chief Sponsor: Gage Froerer

             5     
Senate Sponsor: Curtis S. Bramble

             6     
             7      LONG TITLE
             8      General Description:
             9          This bill modifies property tax assessment provisions relating to certain property.
             10      Highlighted Provisions:
             11          This bill:
             12          .    requires a county assessor to consider certain factors in determining the fair market
             13      value of a golf course or hunting club.
             14      Monies Appropriated in this Bill:
             15          None
             16      Other Special Clauses:
             17          None
             18      Utah Code Sections Affected:
             19      AMENDS:
             20          59-2-301.1, as enacted by Laws of Utah 2002, Chapter 27
             21     
             22      Be it enacted by the Legislature of the state of Utah:
             23          Section 1. Section 59-2-301.1 is amended to read:
             24           59-2-301.1. Assessment of property subject to a conservation easement.
             25          (1) In assessing the fair market value of property subject to a conservation easement


             26      under Title 57, Chapter 18, Land Conservation Easement Act, a county assessor shall include
             27      as part of the assessment any effects the conservation easement may have on the fair market
             28      value of the property.
             29          (2) (a) In assessing the fair market value of a golf course or hunting club, a county
             30      assessor shall consider factors relating to the golf course or hunting club and neighboring
             31      property that affect the fair market value of the golf course or hunting club, including:
             32          (i) value that transfers to neighboring property because of the presence of the golf
             33      course or hunting club;
             34          (ii) practical and legal restrictions on the development potential of the golf course or
             35      hunting club; and
             36          (iii) the history of operation of the golf course or hunting club and the likelihood that
             37      the present use will continue into the future.
             38          (b) The valuation method a county assessor may use in determining the fair market
             39      value of a golf course or hunting club includes:
             40          (i) the cost approach;
             41          (ii) the income H. capitalization .H approach; and
             42          (iii) the H. [ market ] sales comparison .H approach.


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