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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Veolia argued that it was exempt from paying personal property tax on all manufacturing machinery, including all components of its systems, because it was classified as a manufacturing corporation by the Commissioner of Revenue (commissioner).
Each state differs in how personal property tax rates are set.
The assessors don't expect a revenue bonanza from an effort to collect business personal property taxes. Lane County Assessor Mike Cowles estimates that it represents less than 5 percent of taxable property.
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.
It determines a person's liability for state and local income taxes; liability for state and local gift and estate taxes; potential limitations on the right to choose fiduciaries such as executors or trustees; rights of surviving spouses to take against a will; community property rights between spouses; divorce and child custody issues; availability of homestead exemptions or similar laws that reduce real estate taxes on a primary residence; where wills must be probated; how property is passed if there is no will; liability for intangible personal property tax on stocks, bonds, and savings accounts; and the ability to vote in state and local elections.
Refundable personal property tax credit: PA 145 added taxes levied on certain public utilities to the definition of property eligible for the refundable personal property tax credit.
In my opinion, the business personal property tax is the most regressive tax there can be.
"It was encouraging to see the personal property tax set to phase out.
* Support significant reductions in the Personal Property Tax.

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