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In many, if not most areas, you don't. Generally, personal property taxes are not that major a part of a States revenue policy. Someplaces they are though...like in Connecticut..personal property tax is State law but really the method that was used for Towns/Cities to raise funds....cars, boats, even the trailer for the boat (heck even the winch on the trailer), were all taxable and paid to the town. However, until recently, CT had no State income tax, and even now, it is a rather restricted one. Most "normal" household type property is exempt and on the other ahnd, virtually all Business personal property is taxable...so it still acts to shift tax obligation to business in an area and to individuals that may have lost of expensive toys. Fact is, if they didn't have you pay this tax, then you would pay more of another - real estate, sales, income, taxes, etc.
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How do you find out if you owe personal property tax on a vehicle in Missouri?
how do I find out if I owe property tax on car that I co sign for
Do you have to pay taxes on a car?
You definitely have to pay taxes on a car, and depending on where you live, it may be more or less taxes. For example, in Montana no sales tax but you have to pay property tax every year based on the value of the vehicle. Other places you pay sales tax AND property tax. You will pay. Some states have personal property tax (sometimes called ad valorem tax) on property such as motor vehicles, boats, trailers, recreational vehicles and airplanes. The tax is assessed and paid every year for as long as you own the property. The tax is usually paid every time you purchase or renew an auto tag (license plate). The amount of the tax is based on the tax rate in that state, and the value of the vehicle - hence ad valorem. Not all states have this tax, and each state assesses the tax on different types of personal property. Contact your local taxing authority for more information.
Do you pay tax if you have no income?
You don't pay income tax. But you may still have to pay sales tax, gift tax, property tax, gas tax, motor vehicle tax, import duties, and any other taxes that may apply in your situation.
A tax on real estate or personal property?
Property tax
Do you have to pay property tax on a trailer?
Yes, in most states in the United States you will pay either a personal property tax or real property tax on a trailer (also known as mobile home or manufactured home). Each state defines what constitutes personal property or real property as the terms relate to mobile homes but typically a mobile home that is permanently fixed to the site is considered real property. If you own land where a temporary mobile home has been placed you could receive a real property tax bill for the land and a personal property tax bill for the mobile home.
Do you have to pay sales tax in Arkansas on a used vehicle bought in Indiana and transported back to Arkansas?
I'm not sure about sales tax but you will need to get it assessed and most likely have to pay property tax.
Do i only owe personal property tax if i own a vehicle on the first day of the calendar year in Missouri?
yes you do
Is income indirectly taxed?
In the US, income is taxed directly as an income tax. It is, however, also taxed indirectly in the form of sales taxes and personal property taxes; a person who has more income is likely to also spend more money buying things (and therefore pay more sales tax) and own more and higher value personal property (and therefore pay more personal property tax).
Are vehicle registration fees Michigan State tax deductible?
Yes, vehicle registration fees are tax deductible as they are considered a tax on personal property. However if the car was made before 1984, the registration fees may not be deductible.
Why is property tax unethical?
Property tax is seen as unethical by some because it is considered a form of forced wealth redistribution. It requires individuals to pay taxes on their property even if they have already paid off their mortgage and may have limited income or financial resources. Additionally, property tax rates are often set by local governments, which can lead to inconsistencies and unfairness in the tax burden among different property owners.
If an individual gives property either real or personal to a beneficiary the beneficiary must pay an inheritance tax?
fiscal
Do you need to tax a dirt bike?
What tax? Sales tax? Even if your area doesn't tax it as a vehicle, it would be sales taxable just like any other personal property...like a bicycle.
