No. 36064 (Amendment): Section R884-24P-68. Property Tax Exemption for Taxable Tangible Personal Property With a Total Aggregate Fair Market Value of $3,500 or Less Pursuant to Utah Code Ann. Section 59-2-1115

(Amendment)

DAR File No.: 36064
Filed: 04/12/2012 03:09:08 PM

RULE ANALYSIS

Purpose of the rule or reason for the change:

Section 59-2-1115 provides a property tax exemption for tangible personal property if the total aggregate fair market value of the property is $3,500 or less per county. Section 59-2-1115 further requires the $3,500 amount to be increased in accordance with consumer price index increases.

Summary of the rule or change:

The proposed amendment replaces the amount "$3,500 or less" from the rule and replaces it with the phrase "at or below the statutorily prescribed amount" to reflect the consumer price index increases required by statute.

State statutory or constitutional authorization for this rule:

• Section 59-2-1115

Anticipated cost or savings to:

the state budget:

None--Property tax revenues are local revenues.

local governments:

None--The amendments more closely conform the rule language to statute.

small businesses:

None--The amendments more closely conform the rule language to statute.

persons other than small businesses, businesses, or local governmental entities:

None--The amendments more closely conform the rule language to statute.

Compliance costs for affected persons:

None--The amendments more closely conform the rule language to statute.

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

This amendment makes the rule conform with statue so it creates no new fiscal impact.

Michael Cragun, 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:

• Christa Johnson at the above address, by phone at 801-297-3901, by FAX at 801-297-3907, 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:

05/31/2012

This rule may become effective on:

06/07/2012

Authorized by:

Michael Cragun, Tax Commissioner

RULE TEXT

R884. Tax Commission, Property Tax.

R884-24P. Property Tax.

R884-24P-68. Property Tax Exemption for Taxable Tangible Personal Property With a Total Aggregate Fair Market Value [of $3,500 or Less]That is At or Below the Statutorily Prescribed Amount Pursuant to Utah Code Ann. Section 59-2-1115.

(1) The purpose of this rule is to provide for the administration of the property tax exemption for a taxpayer whose taxable tangible personal property has a total aggregate fair market value [of $3,500 or less]that is at or below the statutorily prescribed amount.

(a) Total aggregate fair market value is determined by aggregating the fair market value of all taxable tangible personal property owned by a taxpayer within a county.

(b) If taxable tangible personal property is required to be apportioned among counties, the determination of whether taxable tangible personal property has a total aggregate fair market value [of $3,500 or less]that is at or below the statutorily prescribed amount shall be made after apportionment.

(2) A taxpayer shall apply for the exemption provided under Section 59-2-1115:

(a) if the county assessor has requested a signed statement from the taxpayer under Section 59-2-306, within the time frame set forth under Section 59-2-306 for filing the signed statement; or

(b) if the county assessor has not requested a signed statement from the taxpayer under Section 59-2-306, within 30 days from the day the taxpayer is requested to indicate whether the taxpayer has [$3,500 or less of] taxable tangible personal property in the county that is at or below the statutorily prescribed amount.

 

KEY: taxation, personal property, property tax, appraisals

Date of Enactment or Last Substantive Amendment: [February 9, ]2012

Notice of Continuation: January 3, 2012

Authorizing, and Implemented or Interpreted Law: Art. XIII, Sec 2; 9-2-201; 11-13-302; 41-1a-202; 41-1a-301; 59-1-210; 59-2-102; 59-2-103; 59-2-103.5; 59-2-104; 59-2-201; 59-2-210; 59-2-211; 59-2-301; 59-2-301.3; 59-2-302; 59-2-303; 59-2-303.1; 59-2-305; 59-2-306; 59-2-401; 59-2-402; 59-2-404; 59-2-405; 59-2-405.1; 59-2-406; 59-2-508; 59-2-514; 59-2-515; 59-2-701; 59-2-702; 59-2-703; 59-2-704; 59-2-704.5; 59-2-705; 59-2-801; 59-2-918 through 59-2-924; 59-2-1002; 59-2-1004; 59-2-1005; 59-2-1006; 59-2-1101; 59-2-1102; 59-2-1104; 59-2-1106; 59-2-1107 through 59-2-1109; 59-2-1113; 59-2-1115; 59-2-1202; 59-2-1202(5); 59-2-1302; 59-2-1303; 59-2-1308.5; 59-2-1317; 59-2-1328; 59-2-1330; 59-2-1347; 59-2-1351; 59-2-1365

 

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