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Committee examines sales-ratio study, broker MOU and commercial sales disclosure after auditors find limited transaction data
Summary
Tax commission and assessors reported limited commercial sales data for ratio studies; assessors and large brokerages discussed an MOU to share sales, while brokers and counties said more consistency and reporting are needed.
The Revenue and Taxation Interim Committee reviewed the state's sales-ratio study process and a voluntary memorandum of understanding that brokers signed to share commercial sales data with county assessors.
Joshua (Josh) Nelson, director of property tax at the Utah State Tax Commission, described the statutory and rule framework for sales-ratio studies: assessors must value property at fair market value (Utah Code §59-2-103) and the commission runs sales-ratio studies to compare assessor values to transaction prices (Utah Code §59-2-704). Nelson said counties must meet statistical thresholds (95–105% for residential in many counties; 90–110% for other classes) and that the commission now provides an April preliminary study so counties can fix problems before roll closure.
Nelson reported that available recent sale data covered only a small share of total taxable parcels:…
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