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H.B. 156 Enrolled

             1     

ASSESSMENT OF PROPERTY WITH CONSERVATION EASEMENT

             2     
2011 GENERAL SESSION

             3     
STATE OF UTAH

             4     
Chief Sponsor: Dixon M. Pitcher

             5     
Senate Sponsor: Scott K. Jenkins

             6     
             7      LONG TITLE
             8      General Description:
             9          This bill modifies provisions relating to the assessment of property by county assessors.
             10      Highlighted Provisions:
             11          This bill:
             12          .    modifies a provision requiring a county assessor to consider the effects of a
             13      conservation easement on the value of property;
             14          .    adds factors that a county assessor is required to consider in assessing property that
             15      is subject to a conservation easement; and
             16          .    requires the owner of property for which a conservation easement is granted to
             17      notify the county assessor of the conservation easement.
             18      Money Appropriated in this Bill:
             19          None
             20      Other Special Clauses:
             21          None
             22      Utah Code Sections Affected:
             23      AMENDS:
             24          57-18-4, as enacted by Laws of Utah 1985, Chapter 155
             25          59-2-301.1, as last amended by Laws of Utah 2010, Chapter 261
             26     
             27      Be it enacted by the Legislature of the state of Utah:
             28          Section 1. Section 57-18-4 is amended to read:
             29           57-18-4. Requirements for creation.


             30          (1) Any property owner may grant a conservation easement to any other qualified
             31      person as defined in Section 57-18-3 in the same manner and with the same effect as any other
             32      conveyance of an interest in real property.
             33          (2) (a) A conservation easement shall be in writing and shall be recorded in the office
             34      of the recorder of the county in which the easement is granted.
             35          (b) Within 10 days after a conservation easement is recorded, the owner of real
             36      property for which the conservation easement is granted shall deliver to the assessor of the
             37      county in which the property is located a copy of the conservation easement and proof that the
             38      conservation easement has been recorded.
             39          (c) Before January 1, 2012, each owner of property subject to a conservation easement
             40      recorded before May 10, 2011, shall deliver to the assessor of the county in which the property
             41      is located a copy of the conservation easement and proof that the conservation easement has
             42      been recorded.
             43          (3) The instrument that creates a conservation easement shall identify and describe the
             44      land subject to the conservation easement by legal description, specify the purpose for which
             45      the easement is created, and include a termination date or a statement that the easement
             46      continue in perpetuity.
             47          (4) Any qualified person, as defined in Section 57-18-3 , that receives a conservation
             48      easement shall disclose to the easement's grantor, at least three days prior to the granting of the
             49      easement, the types of conservation easements available, the legal effect of each easement, and
             50      that the grantor should contact an attorney concerning any possible legal and tax implications
             51      of granting a conservation easement.
             52          Section 2. Section 59-2-301.1 is amended to read:
             53           59-2-301.1. Assessment of property subject to a conservation easement --
             54      Assessment of golf course or hunting club.
             55          (1) In assessing the fair market value of property subject to a conservation easement
             56      under Title 57, Chapter 18, Land Conservation Easement Act, a county assessor shall [include
             57      as part of the assessment any effects the conservation easement may have on] consider factors


             58      relating to the property and neighboring property that affect the fair market value of the
             59      property[.] being assessed, including:
             60          (a) value that transfers to neighboring property because of the presence of a
             61      conservation easement on the property being assessed;
             62          (b) practical and legal restrictions on the development potential of the property because
             63      of the presence of the conservation easement;
             64          (c) the absence of neighboring property similarly subject to a conservation easement to
             65      provide a basis for comparing values between properties; and
             66          (d) any other factor that causes the fair market value of the property to be affected
             67      because of the presence of a conservation easement.
             68          (2) (a) In assessing the fair market value of a golf course or hunting club, a county
             69      assessor shall consider factors relating to the golf course or hunting club and neighboring
             70      property that affect the fair market value of the golf course or hunting club, including:
             71          (i) value that transfers to neighboring property because of the presence of the golf
             72      course or hunting club;
             73          (ii) practical and legal restrictions on the development potential of the golf course or
             74      hunting club; and
             75          (iii) the history of operation of the golf course or hunting club and the likelihood that
             76      the present use will continue into the future.
             77          (b) The valuation method a county assessor may use in determining the fair market
             78      value of a golf course or hunting club includes:
             79          (i) the cost approach;
             80          (ii) the income capitalization approach; and
             81          (iii) the sales comparison approach.


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