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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