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Show Commercial and Industrial Property in Utah 61 of Utah's Assessed Valuation (; Commercial and industrial property pro-perty in Utah accounted for more than $681 million or 61 per cent of Utah's assessed valuation in 1955, according to a research report re-port released today by Utah Foundation, the nonprofit tax research re-search organization. Residential property made up $243 million or 22 per cent of the state total. Ag- g ricultural property valuation totaled to-taled 105 million or 9.05 per cent of the state total. Motor vehicles were assessed at a total of $66 million, accounting for 6 per cent of all property subject to the property pro-perty tax. The remaining $9 million mil-lion of a state valuation totaling $1,104,793,345 consisted principally $ of household furnishings, practically practic-ally all of which were assessed in Salt Lake County. For the most part the practice of other counties of the state has been to assume that furnishings in owner-occupied dwellings are covered by the statutory stat-utory exemption of $300 applying to such furnishings. The Utah Foundation report notes that this is the first year in which if, has been possible to separate property listed on the tax rolls by major economic groupings. group-ings. Prior to 1955, no distinction was made on the tax rolls of Utah between agricultural and industrial indus-trial property in rural, nor between be-tween residential and business property in urban areas. More than half of the business total ($399 million) is located in Salt Lake County. Utah and Weber We-ber counties rank second and third in the amount of comercial and industrial assessed valuations. However, Iron County has the highest proportion , of its total valuation represented by business properties which account for 84.3 per cent of the Iron County total. With the exception of Wayne, Rich and Garfield counties, all other counties have upwards of 25 percent of their property total in the business catagories. The proportions of residential property range fro 4.1 per cent in Morgan to 37.3 per cent in Davis counties. Rich county had the highest proportion of agricultural agricul-tural property with 72 per cent. Only 1.6 per cent of the Salt Lake county total is agricultural, despite des-pite the fact that its $9 million agricultural assessed value is the fourth largest among the Utah counties. No segregation of motor vehicle ve-hicle valuations is made permitting permit-ting their assignment to the respective res-pective economic groups. Motor vehicles subject to the property tax in 1955 totaled 343,879 vehicles. |
