What types of taxes are associated with owning commercial real estate?

Owning commercial real estate in Utah comes with a variety of taxes associated with it. These taxes are typically paid by the property owner and can include state, local, and federal taxes. At the state level, Utah has a property tax on commercial real estate that is based on the current estimated value of the property. This tax is typically paid annually. There is also a state income tax that is applied when there is rental income associated with the property. At the local level, property owners may be subject to additional taxes or fees depending on the county or municipality that they are in. For example, Salt Lake City has a Business License Tax that is applied to all businesses operating within the city. Finally, property owners must pay federal taxes on any rental income or capital gains from the sale of the property. This includes income tax, self-employment tax, and estate tax. In summary, owning commercial real estate in Utah is subject to various state, local, and federal taxes including property tax, income tax, business license tax, and capital gains tax.

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What types of taxes are associated with owning commercial real estate?

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