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 Use Property Vs Listed Personal Property In Utah
Instant download
Description
Free preview
Form popularity
FAQ
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.
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.
"Public property" includes real or personal property that is owned, held, or managed by a public entity after the real or personal property is transferred by the public entity to an independent contractor of the public entity.
Personal property can be broken down into two categories: chattels and intangibles. Chattels refers to all type of property. Often, individuals use it regarding the tangible property such as a purse or clothing. Some chattels are attached to land and can become a part of real property, which are known as fixtures.
Real property is defined by the Utah State Tax Commission as The interests, benefits, and rights inherent in the ownership of real estate.
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.
More info
Generally, personal property used in business is subject to property taxes. The Utah State Tax Commission defines tangible personal property as material items such as watercraft, aircraft, motor vehicles, furniture and fixtures.2023 Business Personal Property tax filing is now available online. Taxable personal property is primarily that which is used in the operation of a business. Property tax is assessed on both real property and personal property. Generally, personal property used in business is subject to property taxes. Refunds and rebates. Real property consists of land and buildings. Statutory citations regarding the assessment of personal property are contained in Title 59, Chapter 2 of the Utah Code. This is in addition to property taxes assessed on their land and buildings, also known as real property taxes or real estate taxes.