AI-generated summary, not yet reviewed by Better Utah staff. Please consult the bill text.

When certain non-residential commercial real property changes hands, this bill would require the closing agent to submit a declaration to the Multicounty Appraisal Trust — a statewide property assessment body — within 10 days of the sale, including the sale price, buyer and seller names, and property details; sellers could instead satisfy this requirement by submitting the information directly to a qualifying private property database that county assessors can access for free. The bill would also classify this sale price information as not a "private record" under Utah's Government Records Access and Management Act, allowing it to be shared with the State Tax Commission, county assessors, and parties involved in property tax appeals, provided those parties agree not to share it further. County assessors would still be barred from using a single sale's price as the sole basis for reassessing that specific property, though they could use the data to support broader market value estimates and to respond to valuation appeals. Residential properties (single-family homes and two-to-four unit residences) and a range of other transaction types, such as transfers between family members, inheritances, and court-ordered transfers, would be excluded from this reporting requirement.