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What You Didn't Know About Personal Property Taxes

Personal Property Taxes

State personal property law varies a great deal. Some states require an individual to pay personal property taxes and other do not. Depending on what state one lives in, the method of personal property appraisal will be different. There are no set nationwide rules that determine personal property law. Property taxes specifically deal with real estate property. Personal property taxes deal with many things. Personal property taxes are best known for charging taxes for all types of vehicles.

Vehicles are not the only thing that one must pay personal property taxes on. Businesses and residents may both be required to pay personal property taxes. In some states, only businesses are required. In the states that require only businesses to pay personal property taxes, there is a particular way of determining what can be taxed. A personal property appraisal must be done on any item that can be removed from the building that houses the business as long as the building itself would not be damaged. This means that office furniture in the business can have a personal property appraisal but the building itself can not.

NEXT: Commercial Tax at a Glance

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