golf course or hunting club -- Assessment of common areas. (1) As used in this section: (a) "Association" means the same as that term is defined in Section 57-8a-102. (b) "Common area" means: (i) for a condominium project subject to Title 57, Chapter 8, Condominium Ownership Act, the following property, unless otherwise provided in the declaration or lawful amendments to the declaration: (A) the land included within the condominium project, whether leasehold or in fee simple; (B) the foundations, columns, girders, beams, supports, main walls, roofs, halls, corridors, lobbies, stairs, stairways, fire escapes, entrances, and exits of the building; (C) the basements, yards, gardens, parking areas, and storage spaces; (D) the premises for lodging of janitors or persons in charge of the property; (E) installations of central services such as power, light, gas, hot and cold water, heating, refrigeration, air conditioning, and incinerating; (F) the elevators, tanks, pumps, motors, fans, compressors, ducts, and in general all apparatus and installations existing for common use; (G) community and commercial facilities as may be provided for in the declaration; and (H) all other parts of the property necessary or convenient to the property's existence, maintenance, and safety or normally in common use; and (ii) for an association subject to Title 57, Chapter 8a, Community Association Act, property that the association: (A) owns; (B) maintains; (C) repairs; or (D) administers. (c) "Condominium project" means the same as that term is defined in Section 57-8-3. (d) "Declaration" means the same as that term is defined in Section 57-8-3. (2) In assessing the fair market value of property subject to a conservation easement under Title 57, Chapter 18, Land Conservation Easement Act, a county assessor shall consider factors relating to the property and neighboring property that affect the fair market value of the property being assessed, including: (a) value that transfers to neighboring property because of the presence of a conservation easement on the property being assessed; (b) practical and legal restrictions on the development potential of the property because of the presence of the conservation easement; (c) the absence of neighboring property similarly subject to a conservation easement to provide a basis for comparing values between properties; and (d) any other factor that causes the fair market value of the property to be affected because of the presence of a conservation easement. (3) (a) In assessing the fair market value of a golf course or hunting club, a county assessor shall consider factors relating to the golf course or hunting club and neighboring property that affect the fair market value of the golf course or hunting club, including: (i) value that transfers to neighboring property because of the presence of the golf course or hunting club; (ii) practical and legal restrictions on the development potential of the golf course or hunting club; and (iii) the history of operation of the golf course or hunting club and the likelihood that the present use will continue into the future. (b) The valuation method a county assessor may use in determining the fair market value of a golf course or hunting club includes: (i) the cost approach; (ii) the income capitalization approach; and (iii) the sales comparison approach. (4) (a) When a plat contains a common area: (i) for purposes of assessment, each parcel that the plat creates has an equal ownership interest in the common area within the plat, unless the plat or an accompanying recorded document indicates a different division of interest for assessment purposes; and (ii) each instrument describing a parcel on the plat by the parcel's identifying plat number implicitly includes the ownership interest in the common area, even if that ownership interest is not explicitly stated in the instrument. (b) Except as otherwise provided by the plat or accompanying recorded document, a county assessor shall assess a common area consistent with the equal ownership interests described in Subsection (4)(a) and may not assess the common area in a manner that reflects a different division of interest. (c) In assessing the fair market value of property that is a common area, a county assessor shall consider factors relating to the property and neighboring property that affect the fair market value of the property being assessed, including: (i) value that transfers to neighboring property because the property is a common area; (ii) practical and legal restrictions on the development potential of the property because the property is a common area; (iii) the absence of neighboring property similarly situated as a common area to provide a basis for comparing values between properties; and (iv) any other factor that causes the fair market value of the property to be affected because the property is a common area.
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