(Statutory Reference: 59-2-102)
"Property" means property which is subject to assessment and taxation according to its value, but does not include moneys, credits, bonds, stocks, representative property, franchises, goodwill, copyrights, patents, or other intangibles.
Every class of property defined as a property which is the subject of ownership and not included within the meaning of the terms "real estate" and "improvements".
A schedule used to calculate the approximate remaining value of an item of personal property. Multiplying the appropriate percentage from the table, based on the class of property and its age, by the historical cost will yield the percent good, or remaining value.
"Escaped property" means any property, whether personal, land, or any improvements to the property, subject to taxation and is:
Any property found to be willfully concealed, removed, transferred, or misrepresented by its owner or agent in order to evade taxation is subject to a penalty equal to the tax on its value, and neither the penalty nor assessment may be reduced or waived by the assessor, county, county Board of Equalization, or the commission, except pursuant to a procedure for the review and approval of waivers adopted by county ordinance, or by administrative rule adopted in accordance with Title 63, Chapter 46a, Utah Administrative Rulemaking Act.
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