Frequently asked Questions for Real Property

HOW DID YOU ARRIVE AT THE MARKET VALUE YOU PLACED ON MY PROPERTY?
To find the value of any piece of property the assessor must first know what properties similar to it are selling for, what it would cost to replace it, and how much it costs to operate and keep it in repair, and what rent it may earn. The three approaches to value are used in determining the value of the property- the cost approach, comparable sales approach, and the income approach.

The cost approach–measures the value of the property based upon the cost to construct or replace, with allowances for age and condition as well as functional and economic obsolescence.

The comparable sales approach--is a comparison of similar properties in a neighborhood.

The income approach–computes the value of property by capitalizing the income the property is capable of producing.

HOW OFTEN IS MY PROPERTY APPRAISED BY THE COUNTY?
The assessor’s office is required to do a detailed review of property characteristics for each property at least once every five years. In addition to reviewing your property every five years, the county must also update property values based on a review of current market value data each year.

WHY HAS MY PROPERTY VALUE GONE UP THIS YEAR EVEN THOUGH IT HAS NOT BEEN FIVE YEARS SINCE IT WAS LAST APPRAISED BY THE COUNTY?
Utah law requires that all property is assessed at 100 percent of its "fair market value," and that assessments meet specified uniformity standards. Generally the a county is deemed to have met the 100 percent assessment level if its measure of central tendency for an individual property class falls with plus of minus ten percent of the legal level. Staying within the acceptable value range in any given Region, District, or Neighborhood, requires that the County factor the existing values even though that area is not being reappraised in that particular year.

HOW DOES THE COUNTY APPRAISE MY HOME THAT WAS STILL UNDER CONSTRUCTION AT THE END OF THE YEAR?
The property tax valuation, on residential properties, is based on the percent complete as of January 1. The chart below indicates the percent finish that is used by the appraiser to arrive at market value.

WHERE DO MY TAX DOLLARS GO?
The following is used as an example to illustrate where your tax dollars would go if you owned a home with a market value of $80,000. You would be taxed on 55% of that value, which is $44,000 taxable value.

HOW DO I APPEAL MY PROPERTY VALUE?
A "Notice of Property Valuation" is mailed to every property owner each summer. It shows any change in market value and proposed changes in property taxes. If you disagree with the market value of your property, you have 30 days to file an appeal with the County Board of Equalization. The board is comprised of your county governing body (commissioners or council).

Your appeal must address the issue of market value, not the rate of tax. Evidence supporting your estimation of the market value must be included in the appeal. The evidence could consist of a resent appraisal, closing statement if the property was recently purchased, or sales data on comparable properties which have recently sold.

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