is defined by the Utah State Tax Commission as "The interests, benefits, and rights inherent in the ownership of real estate." Real estate is defined as "An identified parcel or tract of land including improvements if any." State law mandates that all property is subject to taxation unless otherwise exempted. Your property taxes support necessary services provided to the residents of Beaver County. Property taxes are based on the market value of your property. There are three approaches to value which are considered and used as appropriate. These approaches to value are:
The cost approach measures the value of the property based upon the current cost to construct or replace, with allowances for age and condition as well as functional and economic obsolescence.
The sales comparison approach is the most common approach. In the sales comparison approach, the appraiser compares the property being appraised to similar properties that have recently sold. The appraiser makes adjustments to the sale prices of the comparables for different variables including, but not limited to: location, size, quality, condition, and amenities. The sales must be carefully analyzed to determine if they were arms length transactions. An arm's length transaction is defined as "a sale between a willing buyer and a willing seller that are unrelated and are not acting under duress, abnormal pressure, or undue influences, both seeking to maximize their positions from the transaction."
The income approachcomputes the value of property by capitalizing the income the property is capable of producing.