The Millard County Assessor is responsible for the equitable and fair assessment of all taxable properties in Millard County. Personal Property is valued based on schedules developed by the Utah State Tax Commission. All non-exempt tangible personal property is valued and assessed annually by the Personal Property Division of the Assessor’s Office.
The Personal Property Division is also responsible to assess the value of *motor vehicles, boats, and “manufactured housing” more commonly known as mobile homes. *Registered vehicles are assessed an age-based fee at the time of registration.
Under Utah law, county assessors are mandated to collect information on business personal property by using an annual signed statement to determine property value. Any business with a total aggregate fair market value under $27,000 can apply to be exempt from taxation. The taxpayer must apply for the exemption no later than May 15th of each year, the signed statement and taxes are due May 15th.
If a business fails to provide the requested information, the assessor must estimate the value and impose a penalty of $25 or 10% of the tax due, whichever is greater.
Frequently Asked Questions
What is Personal Property?
Taxable personal property is primarily that which is used in the operation of a business. For example: Everything other than real estate used in a business or to produce income. It includes such items as furniture, fixtures, office equipment, appliances, tools, machinery, signs, supplies, and equipment owned or leased by the business. Inventory used exclusively for resale is excluded. Businesses that require their employees to provide their own equipment need to either report the equipment or provide the County Assessor with a list of the employees.
Personal property is usually considered not permanently affixed to or a part of the real property. Real property generally consists of land and buildings. The International Association of Assessing Officers (IAAO) uses two common tests, i.e., the intention of the person who put the item in place and whether the item can be removed from the real estate without damage to the item or the real estate itself. A third “rule of thumb” test is whether the item is serving the building or whether the item is serving the process of production, manufacturing, etc.
All businesses are required to declare their taxable property to the Assessor annually by way of a self-assessing statement. The statements are mailed to all businesses on the tax rolls at the beginning of each year. The signed statement is due no later than May 15th.
New businesses should register with the Assessor when taking out a business license to avoid assessment of escaped property taxes. The personal property tax is collected and apportioned to the county, cities, school districts, and other taxing entities to pay for local governmental services.
How is my property valued?
The Assessor office will provide a statement that is “self-assessing” which means that the owner lists the equipment used in the business, the year of purchase and the purchase price. The price is factored by a depreciation percentage to arrive at a taxable value. These depreciation percentages are supplied by the Utah State Tax Commission and are used statewide. See Schedule A in the form packet.
Personal Property is classified according to its economic life. Applying the appropriate percent-good rate for the age and class of the property to the original cost will yield an approximate fair market value for the subject property. Assessors may deviate from the recommended schedules on an individual item of property when provided sufficient documentation to establish an alternative fair market value.
Affidavits for subsequent years will be printed with the equipment previously reported and the updated depreciation already applied. The business owner has only to make adjustments to the market value by adding or deleting the equipment acquired or disposed of during the previous year.
Can my property be audited?
In order to insure compliance with the self-assessing program, random and/or referred audits may be performed by the Utah State Tax Commission Personal Property Auditing Division. The Utah State Commission Personal Property auditing division performs detailed reviews of financial records and on-site inspections of taxpayers’ facilities and compares those results to the statements submitted by the taxpayer. Escaped property, when discovered, may be assessed as far back as five years from the date of discovery. Property willfully concealed, misrepresented, or moved, in order to escape taxation is subject to a penalty equal to the tax on its value (U.C.A. 59-2-309).
Can I appeal my assessed value?
If a property owner is dissatisfied with the taxable value of the personal property he or she may appeal by filing an application. For more information on how to file an appeal please call 435-743-5719.
What property is exempt from taxes?
All tangible property, unless exemption is provided for by the Utah Constitution and enacted by the legislature, is taxable. Property owned and used exclusively by a non-profit religious, charitable, or educational institution may be exempted upon application and approval by the Millard County Board of Equalization. Until the exemption is approved by the board, the entity is deemed taxable. Property owned by the Federal, State, or local government is exempt by virtue of its ownership. Property leased to an exempt entity is not considered exempt.
What day is my Personal Property due?
Personal Property Taxes are due on May 15th of each year. If taxes are not paid on time, interest accrues until taxes are paid. Interest is equal to the Target Federal Funds Rate plus six percentage points and may not be less than 7 percent or more than 10 percent. In addition to the interest accumulated, the assessor must seize and sale the personal property in order to meet the tax liability or attach it to the real property owned by the business to secure the payment of the taxes.
Personal Property Forms and Links
Select the links below to access forms for your personal property filing. Deputy Assessors in the Personal Property Division will be happy to help anyone with questions about how to fill out their affidavit.
Return completed forms by May 15.
Make checks payable to:
Millard County Assessor
50 South Main
Fillmore, UT 84631