{"data":{"id":"us-ut/utah-code-59-2-301.4","jurisdiction":"us-ut","citation":"Utah Code § 59-2-301.4","heading":"Definition -- Assessment of property after a reduction in value -- Other factors affecting fair market value -- County legislative body authority to reduce value or issue a refund after a valuation reduction.","body":"(1) As used in this section, \"valuation reduction\" means a reduction in the value of property on appeal if that reduction was made:\n(a) within the three years before the January 1 of the year in which the property is being assessed; and\n(b) by a:\n(i) county board of equalization in a final decision;\n(ii) the commission in a final unappealable administrative order; or\n(iii) a court of competent jurisdiction in a final unappealable judgment or order.\n(2) In assessing the fair market value of property subject to a valuation reduction, a county assessor shall consider in the assessor's determination of fair market value:\n(a) any additional information about the property that was previously unknown or unaccounted for by the assessor that is made known on appeal; and\n(b) whether the reasons for the valuation reduction continue to influence the fair market value of the property.\n(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.\n(4)\n(a) Subject to the other provisions of this Subsection (4), for a calendar year, a county legislative body may reduce the value of property, or issue a refund of property taxes paid, if:\n(i) a county board of equalization, the commission, or a court of competent jurisdiction makes a valuation reduction with respect to the property;\n(ii) the property is assessed in the next calendar year at a value that is at least five times greater than the value established at the time of the valuation reduction; and\n(iii) the county legislative body determines that the assessed value described in Subsection (4)(a)(ii) exceeds fair market value.\n(b) A county legislative body may make a reduction or refund under Subsection (4)(a) if an owner of the property:\n(i) applies to the county legislative body; and\n(ii) has not filed an appeal with the county board of equalization under Section 59-2-1004 or the commission under Section 59-2-1006 with respect to the property for the calendar year in which the owner applies to the county legislative body under Subsection (4)(b)(i).\n(c) A reduction described in Subsection (4)(a):\n(i) may be made if the property taxes have not been paid for the calendar year for which an owner applies to the county legislative body under Subsection (4)(b)(i); and\n(ii) is in an amount to ensure that the property is assessed at fair market value.\n(d) A refund described in Subsection (4)(a):\n(i) may be made if the property taxes have been paid for the calendar year for which an owner applies to the county legislative body under Subsection (4)(b)(i); and\n(ii) is in an amount to ensure that the property is taxed at a uniform and equal rate on the basis of its fair market value.","path":["Title 59 Revenue and Taxation","Chapter 59-2 Property Tax Act","Part 59-2-3 County Assessment"],"source_url":"https://le.utah.gov/xcode/Title59/Chapter2/59-2-S301.4.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"11f75eb02019fbffbbdd883e0fb2c2356458513b4888208b1dcf2a7e182eed35","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-59-2-301.3","next":"us-ut/utah-code-59-2-301.5"},"notice":"GroundRules: Original legal text. Not legal advice."}