Fresh Examples Of Personal Property Taxes picture
Examples Of Personal Property Taxes. Personal property typically includes furniture, fixtures, tools, vehicles, and machinery and equipment. It includes land and buildings, for example.
Personal property, in its most general definition, can include any asset other than real estate.
In most cases, however, the cost of the item of personal property must be spread out over the useful life of the item.
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It is important to note that assessed value is usually not the same as a property's fair market value. In Canada, for example, provincial and federal sales taxes were imposed primarily on sales of tangible personal property whereas sales of intangibles tended to be exempt. The tax is levied by the jurisdiction where the property is located and it includes tangible property that is not real property.