Relating to the Valuation of Retail Sales Facilities
| Category: | Taxation |
|---|---|
| Status: | Passed |
| Sponsor: | Representative Ann Matlack, House 92 |
| Session: | 130 |
| Bill #: | LD 1129 |
Position:
Monitoring. However, this seems to be a new version of last session's "dark stores" bill.
UPDATE: This bill has been carried over to 2022.
UPDATE 2/3/22: The committee voted 7-3 in favor of an amended bill which will value all improved property at highest and best use and no longer consider deed restrictions when doing a sales comparison method. This will mean that assessors will have new powers to assess higher values to property and limiting the ability to legally challenge those assessments.
UPDATE 3/11/22: The House voted 77-55 in favor of the amended bill.
UPDATE 4/1/22: The Senate voted 22-11 to enact the bill. It is headed to Governor Mills for action.
UPDATE 4/5/22: The bill has been recalled from Governor Mills' desk.
UPDATE 4/10/22: The bill has been amended again, but the amendment does not fix the legal issues with the bill. We remain opposed.
UPDATE 4/15/22: The bill has been passed again and sent to Governor Mills for action. We are asking for the bill to be vetoed.
UPDATE 4/27/22: Unfortunately, Governor Mills has allowed this bill to become law without her signature.
Summary:
Representative Matlack of St. George provides that, in establishing the just value of retail sales facilities, consideration must be given to 3 recognized approaches to valuation of commercial property and that the assessor must consider the value of reasonably similar properties with regard to age, condition, use, type of construction, location, design, physical features and economic characteristics.