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Valuation
Methodology
The Utah State Tax Commission provides all county assessors with recommended
percent-good schedules each year. These schedules are used to equalize
the valuation of personal property statewide. Personal property is
classified according to its economic life, an appropriate depreciation
table is generated and then trended to replacement cost new using
Marshall-Swift cost indexes. 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. |
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