Personal Property Taxes and Real Estate Taxes-The Peculiarity Between the Two Tax Classes
Property held by any person can only but belong to two main categories, and these are the Real Property and the Personal Property. When we talk of real property, this will actually be consisting of assets such as land and the attachments that may be on the land like buildings, bungalow, farms, and all the other like fixtures that may be attached to the buildings.
Property outside of the real property category such as livestock, cash, furniture and cars will generally fall under the personal property category. The next we will take a look is the working of the taxes applicable to the two diverse categories of property.
The first fact we will mention is that real estate property taxes actually are applicable on both the trade property and the residential property as well. The valuation for the tax due will be based on the fair market value of the property. This thus points to the fact that you as a property owner needs to be as interested as much as is possible in the valuation of the property as we can see this to be such a crucial element in the tax calculation at the end of the day. There is basically a straight kind of relationship between your taxes due and the value of the property as is determined by the property valuation experts, where you will realize that the higher the valuation of the property the higher the tax that you will be deemed due to pay and the lower the value of the property the lower your tax due to the authorities. It is a must on all owners of real estate property to pay their real estate taxes to the government only for those who are exempted by state law like you can see for the aged ones and those who are in a state of a kind of disability. The other fact you may consider worth knowing about the operation of real estate property taxes is that if you are a renter occupying property from an owner who is exempted from paying property taxes, you will not be covered by this provision and will be required to pay the taxes as are due to the government. You will always have the value of the property, real estate property, done on a yearly basis and these valuations will be mailed to you as the taxpayer at the beginning of every year, normally in the first month of every year.
Looking at personal property taxes, you will have the valuations for the taxes based on the property that is used in business. As a taxpayer, you will be required to file an assessment that is in line with your personal property. The assessor will then assess the values and after then get you the taxpayer a statement form and after then you will be required to report the value of your property as is required by law.