New for 2021
Inconsequential Personal Property Exemption (59-2-1115): the taxable tangible personal property of a taxpayer is exempt from taxation if the taxable tangible personal property has a total aggregate fair market value per county of $15,300 or less.
- Personal Property exempt from taxation if total aggregate fair market value per county is $15,300 for 2021.
- New for 2021: Utah law states a business that has filed and qualified for the personal property tax exemption for five (5) consecutive years is not required to file a business personal property signed statement with the Assessor’s Office. Please note: The Weber County Assessor’s Office will notify you if your business has filed and qualified for the exemption for five (5) consecutive years.
Acquisition cost is now defined under Utah Code 59-2-102 (1). The definitions is as follows:
“Acquisition cost” means the cost required to put an item of tangible personal property into service. Acquisition cost includes:
(i) the purchase price of a new or used items;
(ii) the cost of freight, shipping, loading at origin, unloading at destination, crating, skidding, or any other applicable cost of shipping;
(iii) the cost of installation, engineering, rigging, erection, or assembly, including foundations, piling, utility connections, or similar costs; and
(iv) sales and use taxes.