Section 59-2-301.1 - Assessment of property subject to a conservation easement - Assessment of golf course or hunting club - Assessment of common areas(1) In assessing the fair market value of property subject to a conservation easement under Title 57, Chapter 18, Land Conservation Easement Act, a county assessor shall consider factors relating to the property and neighboring property that affect the fair market value of the property being assessed, including:(a) value that transfers to neighboring property because of the presence of a conservation easement on the property being assessed;(b) practical and legal restrictions on the development potential of the property because of the presence of the conservation easement;(c) the absence of neighboring property similarly subject to a conservation easement to provide a basis for comparing values between properties; and(d) any other factor that causes the fair market value of the property to be affected because of the presence of a conservation easement.(2)(a) In assessing the fair market value of a golf course or hunting club, a county assessor shall consider factors relating to the golf course or hunting club and neighboring property that affect the fair market value of the golf course or hunting club, including:(i) value that transfers to neighboring property because of the presence of the golf course or hunting club;(ii) practical and legal restrictions on the development potential of the golf course or hunting club; and(iii) the history of operation of the golf course or hunting club and the likelihood that the present use will continue into the future.(b) The valuation method a county assessor may use in determining the fair market value of a golf course or hunting club includes:(ii) the income capitalization approach; and(iii) the sales comparison approach.(3) Except as otherwise provided by the plat or accompanying recorded document, a county assessor shall assess a common area and facility as defined in Section 57-8-3 or a common area as defined in Section 57-8a-102 consistent with the equal ownership interests described in Subsection 10-9a-606(4) or 17-27a-606(4) and may not assess the common area and facility or common area in a manner that reflects a different division of interest.(4) In assessing the fair market value of property that is a common area or facility under Title 57, Chapter 8, Condominium Ownership Act, or a common area under Title 57, Chapter 8a, Community Association Act, a county assessor shall consider factors relating to the property and neighboring property that affect the fair market value of the property being assessed, including:(a) value that transfers to neighboring property because the property is a common area or facility;(b) practical and legal restrictions on the development potential of the property because the property is a common area or facility;(c) the absence of neighboring property similarly situated as a common area or facility to provide a basis for comparing values between properties; and(d) any other factor that causes the fair market value of the property to be affected because the property is a common area or facility.Amended by Chapter 519, 2024 General Session ,§ 12, eff. 5/1/2024.Amended by Chapter 49, 2017 General Session ,§ 1, eff. 5/9/2017.Amended by Chapter 157, 2011 General Session.