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Form 8546 Salt Lake City Utah: What You Should Know
The Assessor's office has established a method of estimating the fair market value. The method of valuation is consistent with the method used by all other local Assessors on property tax assessments. Fair market value shall be determined by taking into account a wide variety of factors including: the nature, condition, origin, location, and value of the property; the amount paid for the property; the value of any improvements to, or new construction of, and the location of any other improvements to, and/or new construction of, the property; the duration, character, amount and location of all uses to the property; the number of days the property has been used for, and the use patterns of such days; the cost of maintenance, repair, and replacement of the property; the cost of furnishing it with necessary facilities (e.g. water, sewage, heating, etc.) and of replacing it when those facilities are lost, broken or damaged; and a comparison between the fair market value and the original assessments. Fair market value is an estimate. Estimates are subject to limitations set forth by law. Under Utah Code Ann.
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