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Utah Code Title 59. Revenue and Taxation § 59-2-301.6. Definition--Assessment of property having a diminished productive value

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) As used in this section, “diminished productive value” means that property has no, or a significantly reduced, ability to generate income as a result of:

(a) a parcel size requirement established under a land use ordinance or zoning map adopted by a:

(i) city or town in accordance with Title 10, Chapter 9a, Part 5, Land Use Regulations; or

(ii) a county in accordance with Title 17, Chapter 27a, Part 5, Land Use Regulations; or

(b) one or more easements burdening the property.

(2) In assessing the fair market value of property, a county assessor shall consider as part of the determination of fair market value whether property has diminished productive value.

(3) 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.

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Cite this article: FindLaw.com - Utah Code Title 59. Revenue and Taxation § 59-2-301.6. Definition--Assessment of property having a diminished productive value - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-59-revenue-and-taxation/ut-code-sect-59-2-301-6/

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