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Nov 10, 2024
3:44:42pm
StarMan Political Junky
Property tax time. Question, the UT state legislature passed a law last year
for a property that was purchased between six months before or after Jan 1 (the tax valuation date).

The new law specifically required the purchase price to be recognized as the "fair market value" of the property (essentially becoming the default the tax assessed value). If the property value as assessed was appealed, the only evidence that could be considered by the Board of Equalization was if there was evidence that the sale was not an "arms-length transaction", if there were substantial improvements in the property, or that there was a change (increase or decrease) in the market.

Does that seem a reasonable law?
StarMan
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ByuMba90
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StarMan
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