H.B. 93 Enrolled

1

PROPERTY TAX ASSESSMENT AMENDMENTS
2 2014 GENERAL SESSION
3 STATE OF UTAH
4 Chief Sponsor: Brian M. Greene
5 Senate Sponsor: Howard A. Stephenson
6
7 LONG TITLE
8 General Description:
9 This bill addresses the assessment of property.
10 Highlighted Provisions:
11 This bill:
12 . defines "diminished productive value"; and
13 . requires a county assessor to consider diminished productive value in determining
14 the fair market value of property.
15 Money Appropriated in this Bill:
16 None
17 Other Special Clauses:
18 This bill takes effect on January 1, 2015.
19 Utah Code Sections Affected:
20 ENACTS:
21 59-2-301.6 , Utah Code Annotated 1953
22
23 Be it enacted by the Legislature of the state of Utah:
24 Section 1. Section 59-2-301.6 is enacted to read:
25 59-2-301.6. Definition -- Assessment of property having a diminished productive
26 value.
27 (1) As used in this section, "diminished productive value" means that property has no,
28 or a significantly reduced, ability to generate income as a result of:
29 (a) a parcel size requirement established under a land use ordinance or zoning map

30 adopted by a:
31 (i) city or town in accordance with Title 10, Chapter 9a, Part 5, Land Use Ordinances;
32 or
33 (ii) a county in accordance with Title 17, Chapter 27a, Part 5, Land Use Ordinances; or
34 (b) one or more easements burdening the property.
35 (2) In assessing the fair market value of property, a county assessor shall consider as
36 part of the determination of fair market value whether property has diminished productive
37 value.
38 (3) This section does not prohibit a county assessor from including as part of a
39 determination of the fair market value of property any other factor affecting the fair market
40 value of the property.
41 Section 2. Effective date.
42 This bill takes effect on January 1, 2015.