59-2-1004.5 - Valuation adjustment for decrease in taxable value caused by a natural disaster.
59-2-1004.5. Valuation adjustment for decrease in taxable value caused by anatural disaster.
(1) For purposes of this section:
(a) "natural disaster" means:
(i) an explosion;
(ii) fire;
(iii) a flood;
(iv) a storm;
(v) a tornado;
(vi) winds;
(vii) an earthquake;
(viii) lightning;
(ix) any adverse weather event; or
(x) any event similar to an event described in this Subsection (1), as determined by thecommission by rule made in accordance with Title 63G, Chapter 3, Utah AdministrativeRulemaking Act; and
(b) "natural disaster damage" means any physical harm to property caused by a naturaldisaster.
(2) Except as provided in Subsection (3), if, during a calendar year, property sustains adecrease in taxable value that is caused by natural disaster damage, the owner of the propertymay apply to the county board of equalization for an adjustment in the taxable value of theowner's property as provided in Subsection (4).
(3) Notwithstanding Subsection (2), an owner may not receive the valuation adjustmentdescribed in this section if the decrease in taxable value described in Subsection (2) is:
(a) due to the intentional action or inaction of the owner; or
(b) less than 30% of the taxable value of the property described in Subsection (2) beforethe decrease in taxable value described in Subsection (2).
(4) (a) To receive the valuation adjustment described in Subsection (2), the owner of theproperty shall file an application for the valuation adjustment with the county board ofequalization on or before the later of:
(i) the deadline described in Subsection 59-2-1004(2); or
(ii) 45 days after the day on which the natural disaster damage described in Subsection(2) occurs.
(b) The county board of equalization shall hold a hearing:
(i) within 30 days of the day on which the application described in Subsection (4)(a) isreceived by the board of equalization; and
(ii) following the procedures and requirements of Section 59-2-1001.
(c) At the hearing described in Subsection (4)(b), the applicant shall have the burden ofproving, by a preponderance of the evidence:
(i) that the property sustained a decrease in taxable value, that:
(A) was caused by natural disaster damage; and
(B) is at least 30% of the taxable value of the property described in this Subsection(4)(c)(i) before the decrease in taxable value described in this Subsection (4)(c)(i);
(ii) the amount of the decrease in taxable value described in Subsection (4)(c)(i); and
(iii) that the decrease in taxable value described in Subsection (4)(c)(i) is not due to the
action or inaction of the applicant.
(d) If the county board of equalization determines that the applicant has met the burdenof proof described in Subsection (4)(c), the county board of equalization shall reduce thevaluation of the property described in Subsection (4)(c)(i) by an amount equal to the decrease intaxable value of the property multiplied by the percentage of the calendar year remaining after thenatural disaster damage occurred.
(e) The decision of the board of equalization shall be provided to the applicant, inwriting, within 30 days of the day on which the hearing described in Subsection (4)(b) isconcluded.
(5) An applicant that is dissatisfied with a decision of the board of equalization underthis section may appeal that decision under Section 59-2-1006.
Amended by Chapter 382, 2008 General Session