Welcome to property taxes Guide
Powered by Mortgage Calculator
Property Taxes In Arkansas Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
You may also listen to this article by using the following controls.
What Are Personal Property Taxes?
from: www.TaxesExposed.comWhen most of us think of property taxes, we think of the taxes we pay on our home and the property it’s built on. These taxes can be quite large, depending upon the area of the country in which you live, and the funds generally go to support the local government’s budget. But in most states, you’re paying personal property taxes, too. These are taxes on other large items you own, like automobiles, boats, motorcycles, recreational vehicles, aircraft and utility trailers most notably.
Personal property taxes are assessed by the state where the vehicle or other item is registered. Different states use different methods of collection. For example, in some states, you pay one year’s worth of property tax on a vehicle when you register it, and then each year you’ll pay property tax when you renew your license plate. In some states, all license plates are renewed in January, but in other states the renewal date falls on the birthday of the individual to whom the vehicle is registered, so in those states, personal property taxes are being collected all year long. Some states collect personal property taxes once each year, sending out a tax bill to residents for all their personal property at one time.
The rate charged for personal property taxes also varies by state, but it is generally based on the value of the item registered. With cars and trucks the value used for calculating personal property taxes is generally the NADA blue book value.
In most states, personal property taxes are used to fund the budget of the Department of Motor Vehicles, and possibly other state or local governments. Your personal property taxes may go to help pay the salaries of the DMV workers, as well as for building space, and other supplies.
In most states, the term “personal property taxes” is used to mean the taxes described above. However, in some states, this term is also used to refer to real estate property taxes. However, regardless of the terminology used, in most states, these two types of taxes are different, and the funds are used differently.
Property taxes charged on your home and any other property you own generally funds your county or city government, where the money goes to pay for schools, roads, local government and police and fire support. Many people pay both city and county property taxes. Property taxes paid on vehicles, boats, etc, as listed above, however, generally always fund your state, not your local government.
We can’t avoid paying property taxes, and they’re important for funding the budgets of our state and local areas. But, it’s helpful to know how much you’re paying and exactly where your tax money is going.
Christine Gray is a recognized authority on the subject of Online Taxes. Her website Taxes Exposed provides a wealth of information on everything you will need to know about Property Taxes. All rights reserved. Articles may be reprinted as long as the content and links remains intact and unchanged.
Property Taxes In Arkansas News
Sen. McCaskill paid condo property taxes late
U.S. Sen. Claire McCaskill paid several hundred dollars of interest and penalties for late property taxes on a Washington, D.C., condominium.
Read more...Woman who tossed $1M lotto ticket wants money
An Arkansas woman who threw away a winning lottery ticket worth $1 million filed paperwork Monday arguing that another woman who plucked the ticket out of the trash should turn the prize money over to the court.
Read more...State cancels MPH tax sale , taxes to be recovered in bankruptcy
The sale of the Medical Park Hospital campus for back taxes has been suspended by the state in favor of a bankruptcy filing brought last week by IASIS/Wadley Regional Medical Center, in Texarkana, as the primary secured creditor of the hospital.
Read more...