Personal Property Document With Example In Utah

Category:

Leases - Contracts

State:

Multi-State

Control #:

US-00123

Format:

Instant download

Description

The Contract for the Lease of Personal Property is a legally binding document that outlines the terms and conditions under which one party (the Lessor) leases personal property to another party (the Lessee) in Utah. This agreement includes key sections detailing the lease, including the property description, lease term, repairs, assignment and subleasing rules, indemnity clauses, and the relationship between the parties. Notably, all repairs are the responsibility of the Lessee, and the Lessor retains the right to approve any assignments or subleases. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in commercial transactions. It provides a clear structure for negotiations, protects both parties' interests through indemnity and attorney fee clauses, and ensures compliance with state laws. Filling out the form involves clearly identifying the parties, the leased property, and the applicable dates, along with any specific terms relevant to the lease. As a comprehensive tool for managing personal property leases, it is essential for legal professionals navigating property law in Utah.

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Form popularity

FAQ

Personal Property Personal belongings such as clothing and jewelry. Household items such as furniture, some appliances, and artwork. Vehicles such as cars, trucks, and boats. Bank accounts and investments such as stocks, bonds, and insurance policies.

Personal property is primarily property that is used in the operation of a business, mobile homes, aircraft, and motor vehicles. All non-exempt, tangible business personal property is valued and assessed annually by the Personal Property Division of the Assessor's Office.

Personal property depends on a surprisingly simple test: Can you physically move it? The outcome of that test determines the distinction between real property and personal property, which in turn has real implications for taxation.

The Utah State Tax Commission defines tangible personal property as material items such as watercraft, aircraft, motor vehicles, furniture and fixtures, machinery and equipment, tools, dies, patterns, outdoor advertising structures, and manufactured homes.

Recent Trends in Tangible Personal Property Taxation State2006 Personal Property2017 Personal Property California 4.11% 5.20% Colorado 12.06% 6.90% Connecticut 6.09% 13.28% Florida 7.43% 7.00%29 more rows •

These may include personally-owned cars, homes, appliances, apparel, food items, and so on. Personal use property can be insured against theft in most homeowners policies, but may require additional riders or carry limitations.

Utah has a 4.55 percent corporate income tax rate. Utah also has a 6.10 percent state sales tax rate and an average combined state and local sales tax rate of 7.25 percent. Utah has a 0.47 percent effective property tax rate on owner-occupied housing value.

27 States with No Personal Property Tax on Vehicles Delaware. Georgia. Idaho. Iowa. Maryland. New Jersey. New Mexico. New York.

A small estate affidavit may be used if: the entire value of the estate is under $100,000, there is no real property, at least 30 days have passed since the death, and. no application for appointment of personal representative has been filed.