New bill could bolster commercial real estate transparency

Feb 12, 2024, 11:00 AM | Updated: 11:03 am

FILE: President Stuart Adams, R-Layton, presides over the Senate at the Capitol in Salt Lake City on Tuesday, Jan. 16, 2024. (Kristin Murphy, Deseret News)

(Kristin Murphy, Deseret News)

BY PETER JOHNSTON

Former Reporter

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.

According to Building Salt Lake, bill sponsor Sen. Dan McCay, R-Salt Lake City said these guesses on commercial real estate are often too low. and put more burden on homeowners to make up for it.

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.

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New bill could bolster commercial real estate transparency

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