The property must be occupied as a primary residence by individuals or rented out long term (6 months or longer).
A qualified renter or buyer must work 30 hours per week within Park City limits.
The Deed Restriction does not impose an appreciation cap.
The City and Advisory Committee will use the following methods to determine fair value of your property:
- Using comparisons from two properties side by side property values from most recent sale
- Review County Assessor recent sale information for similar properties
- Schedule an appraisal in case of a property purchase
- Determined through owner and Advisory Committee negotiation
Amongst other factors, the committee will evaluate:
- if the property is in a highly walkable area, or is easily accessible to convenient transit
- if the property furthers one or more of the Park City Vision 2020 goals
- if the property demonstrates demand within the housing market for the product type (studio, townhome, single family home)
- if the price per square foot by unit type is in line with market conditions