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Commission approves 2025 personal-property valuation schedules; repeals Class 24 leasehold table
Summary
The commission voted unanimously to submit R884-24P-33, updating percent-good schedules for 2025 and repealing Class 24 so most leasehold improvements on exempt real property will be treated as real property; Commissioner Jennifer Fresques supported the change.
The Utah State Tax Commission approved submitting amendments to R884-24P-33, the 2025 Personal Property Valuation Guides and percent-good schedules, to the Office of Administrative Rules for publication.
Commissioner Rebecca L. Rockwell said the rule authorizes the commission to define classes of personal property and provide percent-good schedules county assessors must use. The proposal modifies the percent-good tables for the 2025 calendar year and includes repealing the percent-good Class 24 table for leasehold improvements on exempt real property so those improvements will generally be treated as real property. Commissioner Jennifer N. Fresques, a certified residential appraiser, said the change "reassured her" and thanked staff, noting Josh Nielsen's work in coordinating with counties.
The motion to submit the amendment passed unanimously on a roll-call vote. The proposed amendments will be published in the Utah State Bulletin with a public comment period ending Oct. 15, 2024.
