(1) As used in this section: (a) "Final assessed value" means: (i) for a review property for which the taxpayer did not appeal the valuation or equalization in accordance with Section 59-2-1004, the assessed value as stated on the valuation notice described in Section 59-2-919.1; (ii) for a review property for which the taxpayer appealed the valuation or equalization in accordance with Section 59-2-1004, the assessed value given to the review property by a county board of equalization after the appeal; (iii) for real property for which the taxpayer or a county assessor appealed the valuation or equalization to the commission in accordance with Section 59-2-1006, the value given to the real property by: (A) the commission, if the commission has issued a decision in the appeal; or (B) a county board of equalization, if the commission has not yet issued a decision in the appeal; or (iv) for real property for which the taxpayer or a county assessor sought judicial review of the valuation or equalization in accordance with Section 59-1-602 or Title 63G, Chapter 4, Part 4, Judicial Review, the value given the real property by the commission. (b) "Median property value change" means the midpoint of the property value changes for all real property that is: (i) of the same class of real property as the review property; and (ii) located within the same county and within the same market area as the review property. (c) "Property value change" means the percentage change in the fair market value of real property between January 1 of the previous year and January 1 of the current year. (d) "Review property" means real property located in the county: (i) that between January 1 of the previous year and January 1 of the current year has not been improved or changed beyond improvements in place on January 1 of the previous taxable year; and (ii) for which the county assessor did not conduct a detailed review of property characteristics during the current taxable year. (e) "Threshold increase" means an increase in a review property's assessed value for the current taxable year compared to the final assessed value of the review property for the previous taxable year that is: (i) the median property value change plus 15%; and (ii) at least $10,000.

(a) "Final assessed value" means: (i) for a review property for which the taxpayer did not appeal the valuation or equalization in accordance with Section 59-2-1004, the assessed value as stated on the valuation notice described in Section 59-2-919.1; (ii) for a review property for which the taxpayer appealed the valuation or equalization in accordance with Section 59-2-1004, the assessed value given to the review property by a county board of equalization after the appeal; (iii) for real property for which the taxpayer or a county assessor appealed the valuation or equalization to the commission in accordance with Section 59-2-1006, the value given to the real property by: (A) the commission, if the commission has issued a decision in the appeal; or (B) a county board of equalization, if the commission has not yet issued a decision in the appeal; or (iv) for real property for which the taxpayer or a county assessor sought judicial review of the valuation or equalization in accordance with Section 59-1-602 or Title 63G, Chapter 4, Part 4, Judicial Review, the value given the real property by the commission.

(i) for a review property for which the taxpayer did not appeal the valuation or equalization in accordance with Section 59-2-1004, the assessed value as stated on the valuation notice described in Section 59-2-919.1;

(ii) for a review property for which the taxpayer appealed the valuation or equalization in accordance with Section 59-2-1004, the assessed value given to the review property by a county board of equalization after the appeal;

(iii) for real property for which the taxpayer or a county assessor appealed the valuation or equalization to the commission in accordance with Section 59-2-1006, the value given to the real property by: (A) the commission, if the commission has issued a decision in the appeal; or (B) a county board of equalization, if the commission has not yet issued a decision in the appeal; or

(A) the commission, if the commission has issued a decision in the appeal; or

(B) a county board of equalization, if the commission has not yet issued a decision in the appeal; or

(iv) for real property for which the taxpayer or a county assessor sought judicial review of the valuation or equalization in accordance with Section 59-1-602 or Title 63G, Chapter 4, Part 4, Judicial Review, the value given the real property by the commission.

(b) "Median property value change" means the midpoint of the property value changes for all real property that is: (i) of the same class of real property as the review property; and (ii) located within the same county and within the same market area as the review property.

(i) of the same class of real property as the review property; and

(ii) located within the same county and within the same market area as the review property.

(c) "Property value change" means the percentage change in the fair market value of real property between January 1 of the previous year and January 1 of the current year.

(d) "Review property" means real property located in the county: (i) that between January 1 of the previous year and January 1 of the current year has not been improved or changed beyond improvements in place on January 1 of the previous taxable year; and (ii) for which the county assessor did not conduct a detailed review of property characteristics during the current taxable year.

(i) that between January 1 of the previous year and January 1 of the current year has not been improved or changed beyond improvements in place on January 1 of the previous taxable year; and

(ii) for which the county assessor did not conduct a detailed review of property characteristics during the current taxable year.

(e) "Threshold increase" means an increase in a review property's assessed value for the current taxable year compared to the final assessed value of the review property for the previous taxable year that is: (i) the median property value change plus 15%; and (ii) at least $10,000.

(i) the median property value change plus 15%; and

(ii) at least $10,000.

(2) (a) Before completing and delivering the assessment book to the county auditor in accordance with Section 59-2-311, the county assessor shall review the assessment of a review property for which the assessed value for the current taxable year is equal to or exceeds the threshold increase. (b) The county assessor shall retain a record of the properties for which the county assessor conducts a review in accordance with this section and the results of that review.

(a) Before completing and delivering the assessment book to the county auditor in accordance with Section 59-2-311, the county assessor shall review the assessment of a review property for which the assessed value for the current taxable year is equal to or exceeds the threshold increase.

(b) The county assessor shall retain a record of the properties for which the county assessor conducts a review in accordance with this section and the results of that review.

(3) (a) If the county assessor determines that the assessed value of the review property reflects the review property's fair market value, the county assessor shall not adjust the review property's assessed value. (b) If the county assessor determines that the assessed value of the review 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.

(a) If the county assessor determines that the assessed value of the review property reflects the review property's fair market value, the county assessor shall not adjust the review property's assessed value.

(b) If the county assessor determines that the assessed value of the review 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.

(4) 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) this part; (b)Title 59, Chapter 1, Part 6, Judicial Review; or (c)Title 63G, Chapter 4, Part 4, Judicial Review.

(a) this part;

(b)Title 59, Chapter 1, Part 6, Judicial Review; or

(c)Title 63G, Chapter 4, Part 4, Judicial Review.