No. 29134 (Amendment): R884-24P-33.2007 Personal Property Valuation Guides and Schedules Pursuant to Utah Code Ann. Section 59-2-301

DAR File No.: 29134
Filed: 10/16/2006, 04:02
Received by: NL

RULE ANALYSIS

Purpose of the rule or reason for the change:

Subsection 59-1-210(3) authorizes the State Tax Commission to promulgate rules that aid county officials in the performance of duties relating to the assessment and equalization of property within the county.

Summary of the rule or change:

This is an amendment to the class 23 personal property valuation schedule located in Section R884-24P-33. The class 23 valuation schedule is entitled "Aircraft Subject to the Aircraft Uniform Fee and Not Listed in the Aircraft Bluebook Price Digest".

State statutory or constitutional authorization for this rule:

Section 59-2-301

Anticipated cost or savings to:

the state budget:

The amount of savings or cost to state government is undetermined. Tax revenue is distributed to local governments for assessing and collecting. The amount of increase of 2007 tax revenue cannot be determined, even if there were no changes in the percent good tables, because taxpayer acquisitions and deletions of property during 2007 is unknown. The proposed personal property schedule for class 23 has been increased to more accurately reflect the current fair market value of kit-built aircraft, experimental aircraft, gliders, and other aircraft requiring FAA registration but not listed in the Aircraft Bluebook Price Digest. This proposed change will have a minuscule impact on revenue due to the very small number of aircraft subject to this particular schedule.

local governments:

The amount of saving or cost to local government is undetermined. Local governmental entities receive tax revenue based on increased or decreased personal property value. It is anticipated there will be a minuscule increase in 2007 tax revenue; however, the amount of increase cannot be determined because taxpayer acquisitions and deletions of property during 2007 is unknown. Also, this proposed change will have a minuscule impact on revenue due to the very small number of aircraft subject to this particular schedule.

other persons:

The amount of savings or cost to individuals and business is undetermined. Affected persons pay taxes based on increased or decreased personal property value and this particular schedule affects a very small number of individuals.

Compliance costs for affected persons:

Individuals owning the type of aircraft not listed in the Aircraft Bluebook Price Digest and aircraft property tax practitioners will be required to be aware of the increased percent good figures. However, this is no different than previous years; therefore, the compliance cost in completing the assessment process will not change.

Comments by the department head on the fiscal impact the rule may have on businesses:

It is anticipated this particular rule and applicable schedules affects a small number of individuals and businesses. Affected persons will pay taxes based upon an increased or decreased personal property value. D'Arcy Dixon, Commissioner

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Tax Commission
Property Tax
210 N 1950 W
SALT LAKE CITY UT 84134

Direct questions regarding this rule to:

Cheryl Lee at the above address, by phone at 801-297-3900, by FAX at 801-297-3919, or by Internet E-mail at [e-mail]

Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

12/01/2006

This rule may become effective on:

12/08/2006

Authorized by:

D'Arcy Dixon, Commissioner

RULE TEXT

R884. Tax Commission, Property Tax.

R884-24P. Property Tax.

R884-24P-33. 2007 Personal Property Valuation Guides and Schedules Pursuant to Utah Code Ann. Section 59-2-301.

 

. . . . . . .

 

(u) Class 23 - Aircraft Subject to the Aircraft Uniform Fee and Not Listed in the Aircraft Bluebook Price Digest.

(i) Examples of property in this class include:

(A) kit-built aircraft;

(B) experimental aircraft;

(C) gliders;

(D) hot air balloons; and

(E) any other aircraft requiring FAA registration.

(ii) Aircraft subject to the aircraft uniform fee, but not listed in the Aircraft Bluebook Price Digest, are valued by applying the percent good factor against the acquisition cost of the aircraft.

(iii) Aircraft requiring Federal Aviation Agency registration and kept in Utah must be registered with the Motor Vehicle Division of the Tax Commission.

 

TABLE 23

       Year of            Percent Good

     Acquisition       of Acquisition Cost



            06               [75%]90%

            05               [71%]80%

            04               [67%]70%

            03               [63%]60%

            02               [59%]50%

            01 and prior     [55%]40%[

            00                51%

            99                47%

            98                43%

            97                39%

            96                35%

            95 and prior      31%]

 

 

. . . . . . .

 

KEY: taxation, personal property, property tax, appraisal

Date of Enactment or Last Substantive Amendment: [September 21], 2006

Notice of Continuation: April 5, 2002

Authorizing, and Implemented or Interpreted Law: 59-2-301