Utah Tax Commission Reduces Apartment Property to Inflation-Adjusted Value

The Utah Tax Commission reduced the 2023 assessed value of a residential apartment property to its statutory inflation-adjusted value, finding neither party demonstrated substantial error in that benchmark. The property, a micro-unit apartment building in County-1 County, qualified as “qualified real property” under Utah Code § 59-2-109 because its 2022 value had been reduced on appeal and no qualifying changes occurred before the Jan. 1, 2023, lien date. The property owner sought a value below the inflation-adjusted amount based on actual income and a higher capitalization rate reflecting rising interest rates. In comparison, the County requested reinstatement of a higher ...