(1)  The commission shall provide the services of qualified personal property appraisers for the purpose of auditing taxable personal property accounts in each county. The results of the audits shall be reported to the assessor of the county. The reports shall constitute the confidential records of the commission and the assessor’s office but the commission or the assessor may publish statistical information based upon the audits. The accounts to be audited shall be determined by the commission and the county assessor.

Terms Used In Utah Code 59-2-705

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Personal property: All property that is not real property.
  • Personal property: includes :
(a) every class of property as defined in Subsection (29) that is the subject of ownership and is not real estate or an improvement;
(b) any pipe laid in or affixed to land whether or not the ownership of the pipe is separate from the ownership of the underlying land, even if the pipe meets the definition of an improvement;
(c) bridges and ferries;
(d) livestock; and
(e) outdoor advertising structures as defined in Section 72-7-502. See Utah Code 59-2-102
  • Property: means property that is subject to assessment and taxation according to its value. See Utah Code 59-2-102
    • (2)  The costs of all personal property audits made pursuant to Subsection (1) shall be computed by the commission upon the basis of the number of days of services rendered, and 70% of the cost shall be borne by the commission and 30% by the county. To assist the counties in budgeting for these services, the commission shall submit to each county assessor not later than May 1 of each year an estimate of the costs of the audits for the following fiscal year.

    Amended by Chapter 3, 1988 General Session

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