Standard-Examiner: End Non-Disclosure In Utah’s Real Estate Market
Yesterday’s Standard-Examiner editorialized in favor of disclosing all records (sale prices) for real estate transactions in Utah. Utah is currently one of only eight states in the nation that are non-disclosure states. The S-E’s reasoning that county assessors can more fairly determine market values for all properties if disclosure is the law is right on.
Under Utah’s current system high end properties aren’t fairly assessed (they’re often extremely low) because most property sales that could be used for comparison purposes in appraising these parcels aren’t sold through the Multiple Listing Service (MLS) maintained by Utah’s Realtors. This database is currently the only available source for real estate sales data. Until our legislature ends non-disclosure and breaks the Board of Realtor’s stranglehold on nearly all real estate market data, middle class and poor Utahns will continue to take on a substantial share of the tax burden that rightfully belongs to some of Utah’s wealthiest residents.
Thank you Standard-Examiner. Non-disclosure in Utah isn’t yet truly threatened but your voice definitely helps.
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Has anybody made a count of how many members of the Utah legislature do real estate or mortgage-related business?
Comment by rmwarnick — November 30, 2007 @ 9:29 am
I’m not sure. I’d be interested in knowing that. I know that there are quite a few realtors on the hill but I have no idea exactly how many.
Comment by Jeremy Manning — November 30, 2007 @ 11:00 am
Do you know of any studies one way or the other on disclosing sales prices of houses?
Mandatory disclosure would make property assessment easier, but is that a sufficient condition to do it?
Comment by Daniel — December 1, 2007 @ 10:16 am
Daniel,
It isn’t just a question of making assessment easier. It is a question fixing a grossly unfair distribution of the ad valorem tax burden. Non-disclosure exempts the wealthiest property owners in Utah from a significant portion of this burden and places that burden on those with more modest homes.
A better question is what benefit do most Utahns receive from this foolish policy? Could that benefit possibly outweigh the negatives Utahns experience in the forms of an unfair distribution of the property tax burden, rampant mortgage fraud, and constant uncertainty about the worth of our real property?
Comment by Jeremy Manning — December 1, 2007 @ 10:21 pm
[…] Utah’s status as a non-disclosure state for real estate transactions needs to be changed. All property sales should be public record as is the standard in nearly every other state in our […]
Pingback by Jeremy’s Jeremiad » Utah’s Property Tax System: Its Not Broken But Could Be Improved — February 27, 2008 @ 12:52 am
I know of one specific case where a house sold by a realtor and was put on the MLS. The owner pressured the realtor to lower the sold price so he would not have to pay more taxes.
Anyone know whay it would be a benefit for the LDS church? I have heard they stifle legislation when it is proposed.
Comment by David — April 16, 2008 @ 6:12 pm