Section 59-2-1008 - Investigations by commission - Assessment of escaped property - Increase or decrease of assessed valuation(1) As used in this section, "review information" means, as reported by a county assessor: (a) the number of properties that: (i) required a review in accordance with Section 59-2-303.3; and(ii) the county reduced the value as a result of the review; and(b) the parcel number of any property: (i) that required a review in accordance with Section 59-2-303.3;(ii) that has an increase in value of $50,000 or more; and(iii) for which the county assessor did not reduce the value.(2)(a) Each year the commission shall conduct an investigation throughout each county of the state to determine whether all property subject to taxation is on the assessment rolls and whether the property is being assessed at fair market value.(b) When, after any investigation, the commission finds that any property that is subject to taxation is not assessed, the commission shall direct the county assessor, the county board of equalization, or the county auditor, as the commission may determine, to enter the assessment of the escaped property.(3) If the commission finds that any property in any county is not being assessed at the property's fair market value, the commission shall, for the purpose of equalizing the value of property in the state, increase or decrease the valuation of the property in order to enforce the assessment of all property subject to taxation upon the basis of its fair market value, and shall direct the county assessor, the county board of equalization, or the county auditor, as the commission may determine, to correct the value of the property in a manner prescribed by the commission.(4) The county assessors, county boards of equalization, and county auditors shall make all increases or decreases as may be required by the commission to make the assessment of all property within the county conform to the property's fair market value.(5) Each year, after receiving the review information from a county assessor and on or before June 8, the commission shall:(a) review the assessment of a property described in Subsection (1)(b); and(b) if warranted, take action as described in Subsection 59-1-210(23).(6) For review information relating to the calendar year that begins January 1, 2023, the commission shall on or before June 15, 2024:(a) review the assessment of a property described in Subsection (1)(b); and(b) if warranted, take reasonable action to correct an error in assessment and report any action to the county auditor.(7) The commission shall report the review information and the number of properties for which an adjustment is made in accordance with Subsection (5) to the Revenue and Taxation Interim Committee annually on or before the September interim meeting.(8) The commission shall include in the report the name of each county that reported review information for the current calendar year and the previous calendar year.Amended by Chapter 263, 2024 General Session ,§ 10, eff. 5/1/2024, retrospectively operative to January 1, 2024.Repealed and Re-enacted by Chapter 3, 1988 General Session