Last updated on October 20th, 2024 at 03:40 pm
Last Updated on October 20, 2024 by
Property taxes have been used for years to fund public resources and institutions such as schools, parks, fire and police departments, and more to improve the community.
If you own a home, land, or business, you may be familiar with the forms needed to document your property tax information. However, knowing about exemptions and what exactly is being calculated can give you a better understanding of this tax information.
What are personal property taxes?
Local governments request tax forms containing information on the property you own, the land the property is on, equipment, and information about any income being generated by the property if applicable, and other movable structures under your name.
Can I get a partial exemption for any reason?
Depending on your state, individuals meeting certain requirements may receive a partial tax exemption.
This includes but isn’t limited to individuals with physical and mental disabilities. Individuals making under a certain amount of income yearly can also receive partial tax exemption from the state. The income amount is based off the previous year’s tax information prior to turning in an application for exemption.
Mississippi gives a 100% tax exemption for vehicle registrations and other personal property taxes when the applicant is 100% disabled.
Does property tax involve forms of personal property other than my home?
In addition to your home, the state also includes other items belonging to you under personal property. These items include:
- Campers
- Farm equipment
- Boats
- Business equipment such as furniture
- Etc.
Property taxes can be confusing and difficult, so if you need assistance filling out your property tax form, consider speaking with your local property tax office.
Personal Property Tax vs Real Property Tax
Personal property is described above, as items that are usually movable. Real property includes land, buildings on land which can be residential homes, business property, and property owned by the government and other entities.
Formulas for taxing personal property and Real Property vary from jurisdiction to jurisdiction. Some of the formulas are difficult for the public to calculate. It’s best to contact your local tax office for a calculation. There can be deductions for real property tax such as homestead, Senior, Disabled person, etc. Check with your local tax assessor to determine if you qualify for any exemptions.
Now that you understand personal and property taxes, read this article about how corporate taxes affect you. Also, you may need the services of a CPA, one member of your professional team. Read this article for more information on your professional team.
