New for 2023
- 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 $27,000 or less for 2023.
- New for 2023: The Utah Legislature deemed supplies as exempt from taxation. Supplies include: office supplies, shipping supplies, maintenance supplies, replacement parts, lubricating oil, fuel, and items consumed in the course of operating the business. Supplies DO NOT include: furniture, fixtures, machinery, equipment, computers, cell phones, or vehicles.
- New for 2023: Utah law states if a business files and qualifies for the personal property tax exemption, a county assessor may not require the business to file a business personal property signed statement for each continuing consecutive year for which the taxpayer qualifies for the exemption. Please note: If the total aggregate value of the personal property exceeds $27,000 the business is required to file. The Weber County Assessor’s Office will notify you if your business has filed and qualified for the exemption.
- New for 2023: In the 2023 session, the Utah State Legislature passed S.B. 157 with a retrospective effective date of January 1, 2023. SB157 repealed UCA 59-2-108, which, in effect, deleted Class 28 Non-Capitalized Equipment from the Utah Classification Guide. All assets currently elected in Class 28 will remain for tax year 2023. These assets will be reclassified for tax year 2024.
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.