Property Type Influences Tax
Property taxes are something that all property owners must face (for and non-profit), and most local governments in the United States impose property taxes on their residents. The amount of your property tax is influenced by what type of property you have as well as the fair market value of your property. With annual changes in property tax law it can be hard to know what your rights are.
Personal Property Tax
The general characteristic that defines personal property tax is the mobility of the property. Although most personal property owned by individuals is considered exempt, if those items are used for business purposes, then a property tax applies to them. Types of property that usually require payment of property taxes include machinery, equipment, supplies and furniture that is used in a business, farming or for other revenue-generating purposes.
Commercial Property Tax
Commercial property tax is the tax that local governments levy on commercial properties, and commercial properties are simply those that are used for business purposes. For instance, if you own a shop where you sell goods, then you own a piece of commercial property. State property tax laws generally require that commercial property taxes be assessed by all property being appraised at 100 percent of its true and fair market value.
Industrial Property Tax
Industrial property tax is similar to commercial property tax. However, the biggest difference between what makes a property “commercial” or “industrial” lies in the how much of the property is comprised of machinery and other industrial equipment. Although some machinery and equipment may be termed as “personal property,” they are oftentimes classified as real property when they’re affixed to the actual commercial property. It doesn’t really matter though, because industrial property tax is still levied against the machinery no matter whether it is classified as personal or real property.
Assessment Technologies Tax Experts
Property taxes can sometimes cause your business to take a significant tax hit that you, frankly, can’t afford. Even if you can afford it, everyone wants lower taxes. Fortunately, our Assessment Technologies expert protest team and legal team stays up-to-date on the latest property tax legislation governing property taxes which helps our property owners fight to lower their property taxes.