Does your state have "personal property taxes" that you must pay every year simply for owning things like vehicles and boats? Not registration/tagging fees, but taxes based on the assessed value.
FYI--If you live in a state with Personal Property Tax, you can include them in your itemized deductions on you Federal return as long as the Personal Property Tax is based upon the value of the property.
Ah yes. I did accounting and tax prep for almost a decade so I knew this but lots don't. Thanks for the info! :)
I have never heard of such a thing. Some states do this??? Which ones?
State income and property
Not a state tax but each county varies.
Get me out of MA. Please.
No personal property tax in IL.
I don't (Florida). But my son lives in Virginia and he has to pay "property tax" on his car annually.