(1) As used in this section: (a) "Qualifying increase" means a valuation increase that is equal to or more than 150% higher than the previous year's valuation for residential property, or equal to or more than 350% higher than the previous year's valuation for any other property that is not residential property, that: (i) is county assessed; and (ii) on or after January 1 of the previous year and before January 1 of the current year, has not had: (A) a physical improvement if the fair market value of the physical improvement increases enough to result in the valuation increase solely as a result of the physical improvement; (B) a zoning change if the fair market value of the real property increases enough to result in the valuation increase solely as a result of the zoning change; or (C) a change in the legal description of the real property, if the fair market value of the real property increases enough to result in the valuation increase solely as a result of the change in the legal description of the real property. (b) "Specified property" means a property: (i) that requires a review in accordance with Subsection (2); and (ii) for which the qualifying increase is equal to or more than $250,000. (2) (a) The county assessor shall review the assessment of a property with a qualifying increase before delivery of the assessment book to the county auditor in accordance with Section 59-2-311. (b) The county assessor shall retain a record of the properties for which the county assessor conducts a review in accordance with this Subsection (2) and the results of that review. (3) (a) When the county assessor conducts the review described in Subsection (2): (i) if the county assessor determines that the assessed value of the property reflects the property's fair market value, the county assessor may not adjust the property's assessed value; or (ii) if the county assessor determines that the assessed value of the property does not reflect the review property's fair market value, the county assessor shall adjust the assessed value of the review property to reflect the fair market value. (b) If a county assessor makes an adjustment under Subsection (3)(a), the county assessor shall list the adjusted value set in accordance with this section as the original assessed value on the valuation notice sent in accordance with Section 59-2-919.1. (4) (a) Upon completing the review described in Subsection (2), the county assessor shall report to the commission: (i) the number of properties that: (A) required a review in accordance with Subsection (2); and (B) the county reduced the value as a result of the review; (ii) the parcel number of any specified property for which the county assessor did not reduce the value as a result of the review; and (iii) for each specified property, the property type and the reasons for the qualifying increase. (b) (i) A county that has any specified property for two consecutive years shall report to the Revenue and Taxation Interim Committee: (A) at the same meeting or a meeting after the meeting during which the commission makes the report described in Section 59-2-1008; (B) in the same year as the commission report; and (C) on the number of specified properties in the county during the consecutive two-year period for which the report under this Subsection (4)(b) is required. (ii) The requirement to report under this Subsection (4)(b) applies if the county has a specified property in each of two consecutive years regardless of whether the specified property is the same property for each year. (5) The review process described in this section does not supersede or otherwise affect a taxpayer's right to appeal or to seek judicial review of the valuation or equalization of a review property in accordance with: (a) Part 10, Equalization; (b) Chapter 1, Part 6, Judicial Review; or (c) Title 63G, Chapter 4, Part 4, Judicial Review.
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