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Show TAX COMMISSION UNDERTAKES PROPERTY STUDY A study of recent property sales in Iron County will be commenced commenc-ed next week by the Utah State i Tax Commission. The purpose of the study Is to determine the In- , fluence that the geographical lo- i cation of a property has upon its , fair market value. . This is a pilot program, it was explained, and only four coun- ! ties of the state, representing different economical situations, are currently being studied. r They Include Salt ?Jlre, Summit and Sanpete. According to Herbert F. Smart Tax Commissioner In charge of ! property tax, analysts employed by the Commission will be con- I tactlng persons living in the i county who have bought or sold real property with Improvements In recent years to interview them regarding several facts concerning concern-ing the transaction. The information informa-tion thus collected will be used In compiling statistical ratios of assessed value to market value of properties in the county. Utah laws require that assessments assess-ments be based upon fair market value. The study, it Is felt will demonstrate how 'equitably the appraisal methods reflects this value. It is anticipated that the study will pave the way for better bet-ter equalization of assessments throughout the state. . . "Assessment-sales ratio studies have been made In several states in recent years. They are designed design-ed to point out factors that determine de-termine values of properties thai are external to the properties themselves. Factors . of this nature na-ture that can be measured are: the demand for property in a given area; the desirability of a property's location and the marketability of the particular type of property. The information informa-tion that has been derived from such studies has proven of great value in Implementing appraisal programs and thereby providing for fair and equal taxation," said Commissioner Smart "We will try to determine the geographical,' population and industrial in-dustrial Impacts upon tales prices 1 and whether adjustment factors i should be used to determine assessed as-sessed values," he said. "It may be that in certain areas t where the population has drop ped sharply, a demand factor should be used in determining the apralsed values of buildings." The State Constitution requires the commission to determine uniformity uni-formity of tx assessments as between counties. , This research program, Mr, Smart said, is aimed at finding whether there exists such uniformity uni-formity between counties, and U not, what readustments should be made. , Persons interviewed are asked by the Tax Commission to lv their full cooperation. The soU i purpose of acquiring the lnfor matlon is to provide the peopl( of the county and the state wit! ; the fairest possible property taj program. |