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Property Tax Law

Property Tax Law

Property taxes are levied on real or personal property by local government units including counties, municipalities, school districts, and special taxing districts. We hope that you’ll find helpful information on how the property tax is implemented and what say you might have in the process.

Taxes on Real Property or real estate. “Real property” for property tax purposes generally includes the land, building, structures, and all improvements or fixtures annexed to the building or structure. The definition of real property often excludes business personal property such as tools, implements, machinery, and equipment attached to or installed as real property for use in the business.

Taxes on Personal Property. Taxing authorities may also tax personal property. The items taxed vary by jurisdiction but most jurisdictions do not impose property taxes on household goods, inventories, and intangible personal property such as tax and bonds. Motor vehicles, however, are often subject to property taxation.

Generally property taxes are assessed as of January 1st of each year, and are computed as a percentage of the assessed value of the property being taxed. The assessed value of property generally means the annual determination of fair market value. “Fair market value” is usually defined as the price that a willing buyer would pay and a willing seller would accept for property, neither being under any compulsion to buy or to sell. It is also defined as the price at which property would change hands between a willing buyer and a willing seller when both have reasonable knowledge of all the facts necessary and neither is required to buy or sell.

Appraisers hired by the taxing authority most often value the property. Most taxing authorities require periodic inspections of the subject property as part of the valuation process and establish appraisal criteria to determine fair market value. Such criteria include factors analyzing (1) the cost of the property and subsequent depreciation; (2) comparable market data; (3) the use of the property; and (4) the estimated annual net income generated by business property.

Upon notification of assessment, the property owner may dispute the valuation. Generally taxpayers may request a hearing at the local level and, if necessary, appeal the valuation to a higher agency and ultimately a tax court or district court. Once a value is determined, the tax is levied, and the property owner is notified. The actual tax rate may vary depending on the property’s classification. Property is often classified according to its use. Common classifications include commercial/industrial property, multiple dwelling property, residential homestead property, agricultural property, and business property.

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When you need help from a real estate attorney, please call Ascent Law for your free consultation (801) 676-5506. We want to help you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States

Telephone: (801) 676-5506

Ascent Law LLC

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Michael Anderson

About the Author

People who want a lot of Bull go to a Butcher. People who want results navigating a complex legal field go to a Lawyer that they can trust. That’s where I come in. I am Michael Anderson, an Attorney in the Salt Lake area focusing on the needs of the Average Joe wanting a better life for him and his family. I’m the Lawyer you can trust. I grew up in Utah and love it here. I am a Father to three, a Husband to one, and an Entrepreneur. I understand the feelings of joy each of those roles bring, and I understand the feeling of disappointment, fear, and regret when things go wrong. I attended the University of Utah where I received a B.A. degree in 2010 and a J.D. in 2014. I have focused my practice in Wills, Trusts, Real Estate, and Business Law. I love the thrill of helping clients secure their future, leaving a real legacy to their children. Unfortunately when problems arise with families. I also practice Family Law, with a focus on keeping relationships between the soon to be Ex’s civil for the benefit of their children and allowing both to walk away quickly with their heads held high. Before you worry too much about losing everything that you have worked for, before you permit yourself to be bullied by your soon to be ex, before you shed one more tear in silence, call me. I’m the Lawyer you can trust.