Utah Code » Title 59, Chapter 2 — Property Tax Act; part 59-2-11 — Exemptions
Utah Code

Utah Code § 59-2-1114 (2026)

Exemption of inventory or other tangible personal property held for sale

✓ current as of May 2026
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Tangible personal property present in Utah on the assessment date, at noon, held for sale in the ordinary course of business or for shipping to a final out-of-state destination within 12 months and which constitutes the inventory of any retailer, wholesaler, distributor, processor, warehouseman, manufacturer, producer, gatherer, transporter, storage provider, farmer, or livestock raiser, is exempt from property taxation.
This exemption does not apply to:
inventory which is not otherwise subject to personal property taxation;
mines;
natural deposits; or
a manufactured home or mobile home which is sited at a location where occupancy could take place.
As used in this section:
"Assessment date" means:
for tangible personal property and vehicles other than vehicles described in Subsection (3)(a)(ii), January 1; and
for vehicles brought into Utah from out-of-state, the date the vehicles are brought into Utah.
"Inventory" means all items of tangible personal property described as materials, containers, goods in process, finished goods, severed minerals, and other personal property owned by or in possession of the person claiming the exemption.
"Mine" means a natural deposit of either metalliferous or nonmetalliferous valuable mineral.
"Mine" does not mean a severed mineral.
"Natural deposit" means a metalliferous or nonmetalliferous mineral located at or below ground level that has not been severed or extracted from its natural state.
"Severed mineral" means any mineral that has been previously severed or extracted from a natural deposit including severed or extracted minerals that:
are stored above, below, or within the ground; and
are ultimately recoverable for future sale.
The commission may adopt rules to implement the inventory exemption.
Notes of Decisions
Cited in 3 cases, 1996–2019 · leading case: Cache Cnty. v. Prop. Tax Div. of the Utah State Tax Comm'n, 922 P.2d 758 (Utah 1996).
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Cache Cnty. v. Prop. Tax Div. of the Utah State Tax Comm'n, 922 P.2d 758 (Utah 1996). · cites it 8× “See Utah Code Ann. § 59-2-1114 (2)(b) (1992) (providing that inventory exemption does not apply to property under section 59-2-201 of the Utah Code, which includes utility property).”
Action TV v. Cnty. Bd. of Equalization, 986 P.2d 108 (Utah Ct. App. 1999). · cites it 12× “” Utah Code Ann. § 59-2-1114 (1) (Supp.1998).”
A-Fab Eng'g v. Prop. Tax Div. of the Utah State Tax Comm'n, 2019 UT App 87 (Utah Ct. App. 2019). “§ 59-2-1114(1) (providing an exemption for property "held for sale in the ordinary course of business")).”
Utah Code § 59-2-1114(1): 1 case
A-Fab Eng'g v. Prop. Tax Div. of the Utah State Tax Comm'n, 2019 UT App 87 (Utah Ct. App. 2019). “§ 59-2-1114(1) (providing an exemption for property "held for sale in the ordinary course of business")).”
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