This form is a contract for the lease of personal property. The lessor demises and leases to the lessee and the lessee takes and rents from the lessor certain personal property described in Exhibit "A".
Personal Property With Replacement Cost In Utah
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Personal Property is taxed based on its taxable value as of January 1 of each year. In order to value personal property, the Utah State Tax Commission provides personal property classification schedules which are used by all county assessors in Utah.
You may be eligible for the primary residential exemption if you occupy your home for 183 consecutive days or more in a calendar year. The exemption applies to your house and up to one acre of land. Apartments, condos and mobile homes also qualify.
In Utah, groceries are not subject to state sales tax. This means that any food items purchased for home consumption, including meats, dairy products, fruits, vegetables, and canned goods, are exempt from sales tax.
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.
Utah has a statewide flat income tax rate of 4.55%. The sales tax rate here is also near the U.S. average. The average effective property tax rate in Utah is the eighth-lowest in the country.
Key Observations: The average effective tax rate across Utah counties is 0.61%. San Juan County has the highest rate at 1.02%. Summit County has the lowest rate at 0.40%. The average median home value is $252,807.
Your property tax bill is calculated by multiplying your taxable property value by each taxing entity's tax rate and then summing those amounts. Who determines property values in Utah county? The value and property type of your home or business property is determined by the Utah County Assessor.
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.
Comparing Property Tax Rates Across Counties For instance, the effective tax rate in Salt Lake County is one of the higher rates in the state, primarily due to its urban infrastructure and public services. In contrast, rural counties may have lower rates reflecting different community investments and services.