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Category: Taxes

Utah Land

Protect 1031 Tax Exchanges: Commercial real estate backs 1031 exchange

The commercial real estate industry has sounded the alarm with a simple message to Congress: Hands off the 1031 exchange. Lobbyists from Washington joined San Diego-area brokers and companies that depend on the 1031 exchange at a breakfast Tuesday sponsored…

Utah Land

The difference between Urban Farming Assessment Act and FAA

The Urban Farming Assessment Act (UFAA) is a separate and distinct law from the Farmland Act (FAA). Currently the UFAA only applies to Salt Lake and Davis Counties, since the law specifies counties of the first class and counties of…

Utah Land

Where do the FAA Values Come From?

Tax Commission Decision Each year the Utah State Tax Commission selects new values to be applied to qualifying parcels of land under the Farmland Assessment Act (FAA). The FAA values do not reflect real estate market values, but instead only…

tax

1031 Timing, reverse exchanges can go in either direction.

Under Internal Revenue Code Section 1031, real property held for productive use in a trade or business or for investment may be exchanged and capital gain taxes deferred through a delayed exchange, which requires the taxpayer to sell the relinquished…

Residence

Capital Gains Tax Exclusion on Primary Residence

Effective Date: May 7, 1997  Exclusion of gain on sale of principal residence An individual may exclude from income up to $250,000 of gain realized on the sale or exchange of a residence. The amount of excludable gain is increased…

Utah Greenbelt

What is Greenbelt, and do you qualify?

What is GREENBELT? The Utah Farmland Assessment Act (FAA) or Greenbelt Act allows qualifying agricultural property to be assessed and taxed based upon its productive capabilities instead of the prevailing market value. Land in close proximity to expanding urban areas,…

Utah Land

Utah Property Tax Appeal Process

Your annual “Notice of Property Valuation and Tax Changes” should arrive in July or August. The notice shows the market value set by the county assessor, the projected amount of tax due, and the dates of public hearings by entities…

Salt Lake City Land

Salt Lake County Tax Payer Appeal Process

The article below was prepared by SLCO.org, if you are property owner in Salt Lake County and feel that your property is being over valued you can follow their instructions below. ————— This page contains “DATE” specific information for the…

Kaysville

Crowd blasts planned Kaysville tax increase

KAYSVILLE — “End run,“ “public trust“ and “surprise“ were just some of the comments residents hurled at the Kaysville City Council at Tuesday’s 2 ½-hour hearing on a proposed tax increase. In a standing-room-only crowd of about 200 people, resident…

Utah State Tax Commission

Utah Tax Commission- Commercial Property

The Utah State Tax Commission prepared the information below for commercial property owners. ———— Commercial property tax in Utah is administered by the 29 county governments. The counties’ role begins with the surveying and/or recording of real property ownership records. It…