New bill could bolster commercial real estate transparency
(Kristin Murphy, Deseret News)
SALT LAKE CITY– A Utah lawmaker’s bill would make property taxes more accurate for commercial properties. However, commercial real estate brokers are trying to get ahead of him.
Setting a property tax for homes versus commercial real estate in Utah differs in one key way. While the fair market value of a house is public knowledge, the same information is not openly available for commercial properties. That often results in assessors guessing at what the commercial property might be worth.
McCay is sponsoring the bill for the second year in a row. It would require real estate brokers to provide the actual market value of commercial properties.
Brokers have responded by meeting with assessors all along the Wasatch Front to work out a compromise, according to Building Salt Lake. The bill is in a holding pattern for now.