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Commission adopts amendment clarifying valuation rules for interlocal project entity properties
Summary
The commission unanimously adopted amendments to R8-84-24P-16 to reflect statutory changes (cited in the meeting as 2022 Senate Bill 20), modifying the definition of "sold" and clarifying fair market value treatment for interlocal cooperation project entity property assessments.
Commissioner Rockwell explained the amendments to R8-84-24P-16 addressing assessment of interlocal cooperation act project entity properties, noting the changes are consistent with statutory revisions from the 2022 General Session and Senate Bill 20.
Rockwell said the proposed amendment "modifying the definition of sold for purposes of assessing the property of an interlocal cooperation project entity" and clarifying that fair market value "is not reduced by the value of any capacity, service, or other benefit that is ultimately sold, resold, or laid off to an energy supplier whose tangible personal property is not exempt from Utah ad valorem property taxes under the Utah constitution." The commission moved to adopt the rule amendments and voted unanimously to approve them for submission or adoption as appropriate.
The meeting record shows no public comments on the rule and staff reported the rule had been published in the Utah State Bulletin earlier and the public comment period had closed with no comments received.
