Personal Property Tax


Also found in: Acronyms.

Personal Property Tax

An annual tax imposed on certain personal property, such as cars or boats, and based on the value of the property.
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When annual real estate and personal property tax collections are examined on a per capita basis, the data show that the City of New Orleans is collecting more property tax-based revenue from a smaller population base.
A bill was prepared by Representative John Dougall, HJR 18 Joint Resolution on Personal Property Tax, in an attempt to make that amendment.
Multilocation businesses like retail, grocery, restaurant, lodging, and financial institutions are often at a disadvantage when it comes to reducing their personal property tax obligations.
Maryland heavy construction rental fleets have been subject to personal property tax and the payment of sales tax on each rental transaction.
To demonstrate the intent to establish a new domicile, the following actions should be taken: (1) register to vote in state and local elections; (2) obtain a new driver's license; (3) change automobile and boat registrations; (4) file for a homestead exemption on the new residence; (5) file a declaration of domicile, if the procedure is available in the new state; (6) remain physically present in the state for over one-half of the year; (7) file federal income tax with the Internal Revenue Service Center servicing the state and include new address on returns; (8) file state and local income tax returns for the new location; (9) file state and local intangible personal property tax returns, if imposed; (10) use the new address on all legal documents (e.
Taxpayers must file the Michigan personal property tax statements by the due date of February 20 of each year to be eligible to receive the credit, and the payment must have been made for taxes assessed after December 31, 2007.
In my opinion, the business personal property tax is the most regressive tax there can be.
To further support the project, Granholm said the city of Troy will provide $50,000 for necessary road improvements and has expressed support for NextEnergy personal property tax exemptions worth up to $820,500.
We discovered people could pay a sales tax when they bought something and avoid the nuisance of an annual personal property tax.
Therefore, it is common to maintain a separate depreciation schedule for personal property tax purposes.
Republican Bill Owens' election as governor could herald a change in one of Colorado business's most loathed taxes, the business personal property tax.
I commend the city of Lancaster for its position supporting the elimination of this unnecessary personal property tax while protecting the funding for our sheriffs.

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