No. 29928 (Amendment): R884-24P-68. Property Tax Exemption for Taxable Tangible Personal Property With a Total Aggregate Fair Market Value of $3,500 or Less Pursuantto Utah Code Ann. Section 59-2-1115

DAR File No.: 29928
Filed: 05/14/2007, 11:28
Received by: NL

RULE ANALYSIS

Purpose of the rule or reason for the change:

The proposed amendment is necessary to implement the changes made by H.B. 26 (2007) to Section 59-2-1115; the amendment also clarifies language in the rule. (DAR NOTE: H.B. 26 (2007) is found at Chapter 8, Laws of Utah 2007, and was effective 02/23/2007.)

Summary of the rule or change:

The proposed amendment deletes language that is now contradicted by statute; clarifies a taxpayer's application for the property tax exemption for property with an aggregate fair market value of $3,500 or less; and clarifies how the $3,500 is determined when property musts be apportioned among counties.

State statutory or constitutional authorization for this rule:

Section 59-2-115

Anticipated cost or savings to:

the state budget:

None--All fiscal Impacts were taken into account in H.B. 26 (2007), and H.B. 338 (2006). (DAR NOTE: H.B. 338 (2006) is found at Chapter 113, Laws of Utah 2006, and was effective 01/01/2007.)

local governments:

None--All fiscal Impacts were taken into account in H.B. 26 (2007), and H.B. 338 (2006).

other persons:

None--All fiscal Impacts were taken into account in H.B. 26 (2007), and H.B. 338 (2006).

Compliance costs for affected persons:

None--Statutory changes to the exemption may allow more persons to claim the exemption.

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

Statutory changes may allow more persons to claim the exemption. 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:

07/02/2007

This rule may become effective on:

07/09/2007

Authorized by:

D'Arcy Dixon, 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 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.

[(2)](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 shall be made after apportionment.

[(3) "Taxable tangible personal property" does not include tangible personal property:

(a) subject to a uniform fee under Sections 59-2-405.1 or 59-2-405.2; and

(b) with a fair market value before apportionment greater than $3,500.

(4)](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 [than $3501 ]of taxable tangible personal property in the county.

 

KEY: taxation, personal property, property tax, appraisals

Date of Enactment or Last Substantive Amendment: [January 12, ]2007

Notice of Continuation: March 12, 2007

Authorizing, and Implemented or Interpreted Law: 59-2-1115