Tax & Accounting Blog

Utah eliminates reference to the Fair Market Value Cap on Exemptions for Personal Property.

ONESOURCE, ONESOURCE Property Tax July 31, 2012

Effective June 14, 2012 – The Utah State Tax Commission has amended Utah Admin. R. R884-24P-68, “Property Tax Exemption for Taxable Tangible Personal Property With a Total Aggregate Fair Market Value That is At or Below the Statutorily Prescribed Amount Pursuant to Utah Code Ann. Section 59-2-1115,” to eliminate references to the $3,500 cap because the cap is adjusted annually to reflect the consumer price index increases required by statute.