Business Personal Property Taxes Definitions Most business property, real and personal, is subject to property tax.
Real property consists of land, buildings and other improvements.
If the affidavit is not filed after a second written notice sent by certified mail, the property value will be estimated by the assessor. Utah Code Ann. Valuation Business personal property is valued based on schedules developed by the State Tax Commission. For most property, value is based on acquisition or original cost multiplied by a percent good factor. Original cost includes installation, shipping, and sales tax.