Business Personal Property
All tangible property, unless an exemption is provided for by the Utah Constitution and enacted by the legislature, is valued and assessed by Personal Property Division of the Assessor's Office and is therefore taxable. The Utah State Tax Commission defines tangible personal property as materials such as motor vehicles, aircraft, watercraft, furniture and fixtures, machinery and equipment, tools, dies, outdoor advertising, and mobile homes.
In Utah, certain items of property are treated as personal property that would otherwise be classified as real estate, e.g., bank vaults, pneumatic tubing at bank drive-up windows, safety deposit boxes at banks, floor safes, drive-up teller windows, overhead cranes, brick kilns and ovens, underground gasoline tanks, walk-in-coolers, car wash equipment, computers, appliances, signs, and flagpoles. Businesses that require their employees to provide their own equipment must either report the equipment or provide the County Assessor with a list of the employees. Taxable personal property is that which is used in the operation of a business. For example: Everything other than real estate used in a business to produce income.
Such tax is levied against all business assets and other like personal property owned and/or used in connection with the 'business' as of January 1st of each year.
All businesses are required to declare their taxable property to the Assessor annually by way of a self-assessing statement. Each year, a request to file a Signed Statement will be sent to the business to report the value of their personal property assets based on acquisition cost and return no later than May 15th. New businesses should register with the Assessor when taking out a business license to avoid assessment of escaped property taxes.
Mobile Homes
Mobile homes are appraised according to their market value. Market value is estimated using either the sales comparison or cost approach to value. Once the market value is established, taxes are assessed according to the tax rate in each tax district. Such taxes are collected and apportioned to the county, cities, school districts, and other taxing entities to pay for local governmental services.
Contact: PersonalProp@wasatch.utah.gov
