59-2-301.2. Definitions -- Assessment of property subject to a minimum parcel size -- Other factors affecting fair market value.
(1) "Minimum parcel size" means the minimum size that a parcel of property may be divided into under a zoning ordinance adopted by a: county in accordance with Title 17, Chapter 79, Part 5, Land Use Regulations - General Processes; or city or town in accordance with Title 10, Chapter 20, Part 5, Land Use Regulations - General Processes.
(2) In assessing the fair market value of a parcel of property that is subject to a minimum parcel size of one acre or more, a county assessor shall include as part of the assessment: that the parcel of property may not be subdivided into parcels of property smaller than the minimum parcel size; and any effects Subsectionmay have on the fair market value of the parcel of property. (2)(a)
(3) This section does not prohibit a county assessor from including as part of an assessment of the fair market value of a parcel of property any other factor affecting the fair market value of the parcel of property.