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Factual Error: An error in the property's assessment that would be objectively verifiable without the exercise of discretion, opinion, or judgment and can be demonstrated by clear and convincing evidence. Factual error may include a mistake in the description of the size, use, or ownership of a property, a clerical or typographical error in reporting or entering the data used to establish valuation or equalization, an error in the classification of a property that is eligible for a property tax exemption under UCA §59-2-103 or Title 59, Chapter 2, Part 11. In addition a factual error may also include the valuation of a property that is not in existence on the lien date or a valuation of a property assessed more than once or by the wrong assessing authority.
Fair Market Value: (FMV or Market Value) The amount at which a property would change hands between a willing buyer and a willing seller neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts. For purposes of taxation "fair market value" shall be determined using the current zoning laws applicable to the property in question except in cases where there is a reasonable probability of a change in the zoning laws affecting that property in the tax year in question and the change would have an appreciable influence upon the value.
Fee Simple Estate: This term is used to describe absolute ownership in a parcel of real property. The ownership that is free of any encumbrances such as mortgages, leases, or other divisions of property rights and is subject only to and limited by the four powers of government: taxation, eminent domain, police power, and escheat. When estimating market values the Salt Lake County Assessor's Office assumes that all real property in Salt Lake County is held in fee simple ownership.
Functional Obsolescence: A flaw in the structure, materials, or design or improvements that diminishes its function or utility. This form of depreciation may be caused by poor interior room configuration or by continual advancements in building materials when compared to the improvement's existing building materials.
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