Personal Property means property which is subject to assessment and taxation according to its value, but does not include moneys, credits, bonds, stocks, representative property, franchises, goodwill, copyrights, patents, or other intangibles. Personal Property includes every class of property defined as property which is the subject of ownership and not included within the meaning of the terms "real estate" and "improvements".
Percent Good Schedule is a schedule used to calculate the approximate remaining value of an item of personal property. Multiplying the appropriate percentage from the table, based on the class of property and its age, by the historical cost will yield the percent good, or remaining value
Escaped Property means any property, whether personal, land, or any improvements to the property, subject to taxation that is: inadvertently omitted from the tax rolls, assigned to the incorrect parcel, or assessed to the wrong taxpayer by the assessing authority; undervalued or omitted from the tax rolls because of the failure of the taxpayer to comply with the reporting requirements of this chapter; or undervalued because of errors made by the assessing authority based upon incomplete or erroneous information furnished by the taxpayer. Property which is undervalued because of the use of a different valuation methodology or because of a different application of the same valuation methodology is not "escaped property."
Property Willfully Concealed is any property found to be willfully concealed, removed, transferred, or misrepresented by its owner or agent in order to evade taxation. Willfully concealed property is subject to a penalty equal to the tax on its value, and neither the penalty nor assessment may be reduced or waived by the assessor, county, county Board of Equalization, or the commission, except pursuant to a procedure for the review and approval of waivers adopted by county ordinance, or by administrative rule adopted in accordance with Title 63, Chapter 46a, Utah Administrative Rulemaking Act.
A Penalty of $25 or 10% of the tax due, whichever is greater, is assessed when a taxpayer fails to file a statement of personal property by the due date (Utah Code 59-2-306(2)(a) 59-2-307). Property willfully concealed, misrepresented, or moved, in order to escape taxation is subject to a penalty equal to the tax. Commercial movers, that do not obtain the required moving permit for mobile and manufactured homes, may be charged with a Class B misdemeanor.
Interest accrues on Personal Property tax 60 days after billing. The assessor is required to charge interest. The current annual interest rate is 7%.