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personal property tax

Many states assess a personal property tax on certain items of personal property such as motor vehicles, boats, and aircraft. Business personal property taxes—taxes on tangible personal property items that are used to produce income—are often referred to as ad valorem taxes.

In Utah, personal property tax is assessed on items such as motor vehicles, boats, and aircraft. This tax is based on the value of the property, which is why it is often referred to as an ad valorem tax. The tax is administered at the county level, and the rates can vary depending on the location. For business personal property, Utah requires businesses to report all personal property that is used in the business to the county where the property is located. Each year, businesses must file a signed statement listing all personal property and its market value as of January 1. There are exemptions available for certain types of property, and the state also offers a tangible personal property exemption, which means that if the total aggregate taxable value of a business's personal property in the county is below a certain threshold, the property may be exempt from taxation.

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Taxes

personal property tax

Individual & Family Legal Plan

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Utah State Code

Utah State Code

Taxes

personal property tax

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