UTA LEG Property Valuation Process


On Feb. 1, UTA LEG passed bill on property valuation amendments.


  • UTA LEG passed substitute bill HB 53 S01 concerning property valuation amendments.
  • Amended provisions of Property Tax Act, including section on reporting UTA LEG 59-2-306, UTA LEG 59-2-306.5; appeals UTA LEG 59-2-1005, funding UTA LEG 59-2-1606.
  • Bill Provisions
  • Bill modified the valuation process for property of telecommunications provider.
  • Authorized use of multicounty appraisal trust funds for hiring professional appraisers.
  • To provide property valuation services in rural counties; additionally established qualifications for professional appraisers hired by multicounty appraisal trust.
  • Legislative History
  • On Jan. 16, 2024, bill was introduced in House; on Jan. 17, 2024, bill passed House.
  • On Jan. 18, 2024, bill was introduced in Senate; on Feb. 1, 2024, bill passed Senate.
  • Effectiveness
  • Bill HB 53 S01 becomes effective on May 1, 2024; sections UTA LEG 59-2-306, UTA LEG 59-2-306.5; UTA LEG 59-2-1005 have retrospective operation to Jan. 1, 2024.
  • Mar. 2024 UTA LEG Approval
  • On Mar. 14, 2024, UTA LEG governor approved bill HB 53 S01, effective May, 1, 2024.

Regulators UTA LEG
Entity Types Corp
Reference Bill, 3/14/2024; Bill, HB0053S, 2/1/2024; Citation: *UTA LEG* 59-2-306, 59-2-306.5, 59-2-1005, 59-2-1606;
Functions Actuarial and Valuation; Compliance; Financial; Legal; Reporting; Tax
Countries United States of America
Category
State
Products Corporate; Equity
Regions Am
Rule Type Final
Rule Date 2/1/2024
Effective Date 5/1/2024
Rule Id 200357
Linked to N/A
Reg. Last Update 3/14/2024
Report Section US Consumer

Last substantive update on 03/18/2024