The Features of Differences that There are Between the Property Taxes-The Real Estate Taxes and the Personal Property Taxes
Property held by any person can only but belong to two main categories, and these are the Real Property and the Personal Property. Typically, real property is constituted of a number of features such as land and the constituent attachments that may be on the land such as buildings, farmhouses, ranches and any other kind of fixtures that may be attached to the buildings therein.
Property outside of the real property category such as livestock, cash, furniture and cars will generally fall under the personal property category. Below is a look at the features of the tax principles applicable to the two alternate classes of taxes.
By and large, real estate taxes are assessed on the industrial 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. You need to be of much attention to the valuation of the property as this is quite crucial as we have just seen above. There is basically a straight kind of relationship between your taxes due and the value of the property as is determined by the property valuation experts, where you will realize that the higher the valuation of the property the higher the tax that you will be deemed due to pay and the lower the value of the property the lower your tax due to the authorities. If you own real estate property, it will be mandatory on you to pay your real estate property taxes unless you are under the exempted category such as by age or by disability. 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. You will have the value of your real estate property reviewed on an annual basis and on such a basis you will have the value communicated to you via mail at the start of every calendar year.
For personal property, the taxes due will be assessed just on those items that are employed in business. You will be called upon as a taxpayer to ensure that you tender a testimonial for the assessments that are concerned 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.