Personal Property Business Form Without In Salt Lake
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While there is no state in the U.S. that doesn't have property taxes on real estate, some have much lower property tax rates than others. Here's how property taxes are calculated. The effective property tax rate is used to determine the places with the lowest and highest property taxes in the nation.
Generally, personal property used in business is subject to property taxes. Utah law requires business personal property to be reported to the county assessor where the property is located (has situs) on a tax form identified as a Personal Property Signed Statement.
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.
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.
27 States with No Personal Property Tax on Vehicles Delaware. Georgia. Idaho. Iowa. Maryland. New Jersey. New Mexico. New York.
Certain properties, individuals or organizations may qualify for property tax exemptions. These may include religious or government properties, senior citizens, qualifying veterans, low-income individuals and people with disabilities.
The Utah State Constitution, Article XIII, § 3, allows County Assessors to exempt from taxation 45% of the fair market value of residential property and up to one acre of land. Statute defines residential property, for purposes of the exemption, to be a primary residence.
