The Features of Differences that There are Between the Property Taxes-The Real Estate Taxes and the Personal Property Taxes
There are two key categories of property as held by us, essentially the Real Property and the Personal Property. Real property basically consists of those assets of land and anything that may be by any chance attached to the land permanently and the examples include buildings, farmhouses, ranches, and other kinds of fixtures that may be attached to the land and the buildings.
Looking at personal property, these may be considered to be those other items of property that you may hold that do not fall under the real property category with examples being such as livestock, furnishings, cars, and funds. 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. What will be the determining factor of the tax calculations will be the fair market value of the property so concerned. This as such points us to the fact that the valuation of the property actually happens to be such a crucial step that needs to draw your attention and be of much interest in as it is such a factor that will define the taxes that will be due to you at the end of the day. Generally, there exists a direct relationship between the value of your property to the taxes that you will be due to paying, meaning that the higher your valuation of property, the higher your taxes and vice versa. If you are an owner of real estate property, you need to know that you will be bound to pay real estate tax unless you are exempted by law through disability or by reason of age. 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. The value of real estate property is done on an annual basis by the assessors’ department and such values will be mailed to the taxpayer at the start 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.