Marguerite Holton, Precious Properties Corp.Phone: (917) 816-7125
Email: preciousproperties95@gmail.com
Email: preciousproperties95@gmail.com
What is the difference between property tax and tangible personal property tax? While property taxes are commonly understood as payments on your home or land, tangible personal property is a less common term used in real estate. Referring to physical objects other than the literal land or building, personal tangible property is important in commercial and rental businesses. Here is the basic info to know about personal tangible property and associated taxes:
Some examples of business assets qualifying as tangible personal property include:
Individuals and households may have personal tangible property such as:
You can think of tangible personal property as anything of value with physical existence. Other assets, such as patents and copyrights, do not count as tangible personal property as they are not literally tangible.
Similar to regular property taxes, personal tangible property taxes are based on a percentage of either the asset's sale price or assessed value. Landlords and businesses have to report these assets on a tax return, as long as they are related to a business. Taxes are paid to the local government, and in some cases can qualify for tax deductions on federal income tax returns.
Understanding personal tangible property taxes is crucial if you're planning on investing in a commercial or rental property. Keep this basic info in mind when considering your next move in real estate investment.
If you are familiar with the Staten Island real estate market, chances are you’ve heard of Marguerite Holton. She has been a real estate agent for 37 years, and since then she has built an empire while becoming a community pillar. Marge has made many valuable partners, contacts, and lasting friendships along the way. She prides herself on building and mentoring a team with unique skill sets and pivotal roles in the business. Her expertise spans many facets of real estate including residential and commercial, with an unparalleled experience in helping buyers and builders with new home construction. If you have any doubts just give her a call and see how she goes above and beyond the expectation of a client/ broker relationship, she does not disappoint!