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Commercial Information that can be Disclosed: Pursuant to §59-1-404, Utah Code, Annotated, the following commercial information can be disclosed to the public:
- The assessed value of property;
- The tax rate imposed on property;
- A legal description of property;
- The physical description or characteristics of property including a street address or parcel number for the property (this is not to include any sales information or income information on the commercial property);
- The square footage or acreage of property;
- The square footage of improvements on property;
- The name and mailing address of the property owner;
- The amount of a property tax: assessed on property; due on property; collected on property; abated on property; or deferred on property;
- The amount of the following relating to property taxes due on property: interest; costs; or other charges;
- The tax status of property, including: an exemption; a property classification; a bankruptcy filing; or whether the property is the subject of an action or proceeding under this statute;
- Information relating to a tax sale of property;
- Information contained in the SIGMA single-family residential property record. Comparable Sales: Sales of properties which are similar to the property being valued. The best type of comparable sales is the sold information from the Board of Realtors Multiple Listing Service. Comparable sales should exhibit similar physical characteristics such as; location, land size, similar home style, similar home size, age, construction quality, condition, and parking capacity. This information can be submitted to the Board of Equalization as evidence to support a new opinion of value.
Confidentiality of Commercial Information: Except as permitted pursuant to U.C.A. §59-1-404 and Tax Commission rule, all participants in Board of Equalization proceedings involving information of a commercial nature regarding a property taxpayer's property, which is disclosed during the course of said proceedings, are required to keep confidential the taxpayer's information, and information received from other taxpayers regarding properties which are used as comparable sales or in the income approach to establish the fair market value of the property taxpayer's property. Each participant, including the hearing officer, witnesses, the petitioner and/or its representative, is required to sign a statement agreeing to keep such information confidential and not to disclose said information outside of the proceedings.
Construction Costs: These are all costs associated with the construction process. They would include all direct costs such as building permits, materials, productions, and equipment, labor used in the construction process, security during construction, contractor's shack and temporary fencing, material storage facilities, power line installation and utility costs, contractor's profit and overhead, including job supervision, coordination and management, worker's compensation, fire, liability and unemployment insurance, and performance bonds. They would also include indirect costs such as architectural and engineering fees for plans, plan checks, surveys to estimate building lines and grades, environmental studies, appraisals, consulting, accounting, legal fees, the cost of carrying the investment in land and contract payments during construction, all-risk insurance expenses and property taxes during construction, the cost of carrying the investment in the property after construction is complete but before stabilized occupancy has occurred, supplemental capital investment in tenant improvements and leasing commissions, marketing costs, sales commissions, and applicable holding costs to achieve stabilized occupancy in a normal market, and administrative expenses of the developer....referred to as entrepreneurial profit.
Contract Rent: This is the actual rent paid by a tenant (lessee) to a landlord (lessor) to occupy a rental space. It is the rent that is specified in a lease agreement between the tenant and the landlord. When estimating market values of income producing properties the Salt Lake County Assessor's Office will always use "market or economic" rents.
Cost Approach: This valuation approach is completed by adding the estimated value of the site or land to the current cost of constructing a replacement or reproduction for the improvements then subtracting the amount of depreciation in the improvements from all causes (physical deterioration, functional, and external obsolescence). This approach includes all hard costs (the bricks and mortar), all soft costs (legal fees, property taxes, feasibility studies, marketing costs to create occupancy), and the profit for coordination by the entrepreneur (entrepreneurial profit). This valuation approach is most useful when valuing new or nearly new improvements or when a property is not frequently exchanged in the open market.
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