UTA LEG Residential Valuation Appeal

On Feb. 28, UTA LEG passed bill about residential value appeal rules.

  • UTA LEG passed HB 423 S02 Residential valuation appeal procedures amendments.
  • Bill amended UTA LEG 59-2-1004 relating to such home value appeal procedures.
  • Provisions
  • Bill defines terms related to and for appeals purposes including qualifying contract.
  • Also defines applicable lien date as Jan. 1 of the year in which the valuation or equalization or real property is appealed to the county board of equalization.
  • Outlines amended responsibilities of the County board of equalization in considering evidence presented in an appeal, including that for non-qualified real property.
  • Provides for no presumption of correctness in a matter involving such real property.
  • Outlines permissible evidence of fair market value, arms-length transaction, changes in market conditions, qualifying change to property has occurred since contract date.
  • Directs the Board only to consider evidence presented by the parties to the appeal.
  • Legislative History
  • On Jan. 30, 2024, bill introduced in House; on Feb. 16, 2024, bill passed House.
  • On Feb. 16, 2024, bill introduced in Senate; on Feb. 28, 2024, bill passed Senate.
  • Effectiveness
  • If enacted, bill takes effect on May 1, 2024, with retrospective operation for taxable years beginning on or after Jan. 1, 2024, including for lien date definition as applied.
  • If HB 423 and SB 30 both pass and become law, legislature intends that on May 1, 2024, the provision regarding no presumption of correctness shall be deleted.
  • If HB 423 and SB 182 both pass and become law, legislature intends that on May 1, 2024, the same provision re presumption of correctness of evidence shall be deleted.
  • Mar. 2024 UTA LEG Governor Approval
  • On Mar. 18, 2024, UTA LEG governor approved bill HB 423, in effect from May 1, 2024.

Regulators UTA LEG
Entity Types CNSM; Corp; MG Orig; Servicer
Reference Bill, 3/18/2024; Bill, HB0423S02, 2/28/2024; Citation: UTA LEG 59-2-1004;
Functions Actuarial and Valuation; Compliance; Legal; Tax; Underwriting
Countries United States of America
Products Corporate; Mortgage
Regions Am
Rule Type Final
Rule Date 2/28/2024
Effective Date 5/1/2024
Rule Id 202712
Linked to N/A
Reg. Last Update 3/18/2024
Report Section US Consumer

Last substantive update on 03/24/2024