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H.B. 45

             1     

ASSESSMENT OF PROPERTY AFFECTED BY

             2     
BUSINESS INTERRUPTION

             3     
2005 GENERAL SESSION

             4     
STATE OF UTAH

             5     
Sponsor: Gregory H. Hughes

             6     
             7      LONG TITLE
             8      General Description:
             9          This bill requires that the assessment of property include the affect of certain business
             10      interruptions on the fair market value of the property.
             11      Highlighted Provisions:
             12          This bill:
             13          .    requires a county assessor to take into account the affect of road construction,
             14      natural disasters, and other interruptions to business when determining the fair
             15      market value of property.
             16      Monies Appropriated in this Bill:
             17          None
             18      Other Special Clauses:
             19          None
             20      Utah Code Sections Affected:
             21      ENACTS:
             22          59-2-301.4, Utah Code Annotated 1953
             23     
             24      Be it enacted by the Legislature of the state of Utah:
             25          Section 1. Section 59-2-301.4 is enacted to read:
             26          59-2-301.4. Assessment of property affected by business interruptions.
             27          (1) In assessing the fair market value of property, a county assessor shall include as


             28      part of the assessment the affects on the fair market value of the property caused by the
             29      following:
             30          (a) restrictions, obstructions, or changes in:
             31          (i) access to the property; and
             32          (ii) traffic flow by the property;
             33          (b) ongoing road construction;
             34          (c) diversion of traffic; and
             35          (d) natural disasters.
             36          (2) This section does not prohibit a county assessor from including as part of an
             37      assessment any other factor affecting the fair market value of property.




Legislative Review Note
    as of 11-27-04 2:29 PM


Based on a limited legal review, this legislation has not been determined to have a high
probability of being held unconstitutional.

Office of Legislative Research and General Counsel


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