All residential rental properties within the corporate limits of Salt Lake City are required to maintain a valid, unexpired business license for each location. To complete an application for a residential rental property business license, the applicant (property owner) needs the items listed below.Definitions. Most business property, real and personal, is subject to property tax. Real property consists of land, buildings and other improvements. Frequently Asked Questions: What City is a Property Located in? What is the Zoning of My Property? This post will discuss the most common forms of ownership in Utah and their effects on Salt Lake City property owners in particular.