What is the difference between property tax and tangible personal property tax? While property taxes are commonly understood as payments on your home or land, tangible personal property is a less common term used in real estate. Referring to physical objects other than the literal land or building, personal tangible property is important in commercial and rental businesses. Here is the basic info to know about personal tangible property and associated taxes:
Some examples of business assets qualifying as tangible personal property include:
Individuals and households may have personal tangible property such as:
You can think of tangible personal property as anything of value with physical existence. Other assets, such as patents and copyrights, do not count as tangible personal property as they are not literally tangible.
Similar to regular property taxes, personal tangible property taxes are based on a percentage of either the asset's sale price or assessed value. Landlords and businesses have to report these assets on a tax return, as long as they are related to a business. Taxes are paid to the local government, and in some cases can qualify for tax deductions on federal income tax returns.
Understanding personal tangible property taxes is crucial if you're planning on investing in a commercial or rental property. Keep this basic info in mind when considering your next move in real estate investment.
With over 25 years of extensive real estate experience throughout the Boston and Metro West areas. Combine this with my ability to work smart and to not stop working until your needs are met and you get a broker that will help you make the right decisions when it comes to buying or selling your home.
Let my success work for you. I have been trusted to represent developers, builders, attorneys, financial planners, and many other professionals, selling condominiums, townhomes, new construction, investment, commercial properties, and of course single-family homes. I know your neighborhood.
I’m a problem solver and an excellent negotiator. Problems often arise that can stop a sale. I’ve solved many problems over the years and when I don’t have the answer I find an expert who does.
I offer first-class marketing I guarantee will work for you. I can tell you what you need to do to get your home sold quickly and for the best possible price.
If you are looking for a professional you can trust to help find your dream home or sell your current home, contact me today. If you are not completely satisfied with my service you can cancel any time. I am always available by phone or email, so please reach out to me anytime!
I am committed to getting you, the results you deserve.
