Personal Property Taxes

Personal property taxes are taxes levied on movable assets that are not real estate, such as vehicles, boats, machinery, and business equipment. Typically assessed annually, these taxes are calculated based on the value of the property and local tax rates. The revenue generated often funds essential public services like schools, roads, and emergency services. Property owners are responsible for reporting their personal property to local tax authorities, who then determine the appropriate tax amount. It’s important for individuals and business owners to understand and comply with these tax obligations to avoid penalties.