Rich collectors of antique cars in Connecticut basically get a pass on the motor vehicle personal property tax.
My colleague Ashlea Ebeling just wrote about the most expensive vehicles subject to personal property tax in Greenwich, Conn.
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On Friday (March 2) the state legislature is holding a hearing on a bill to exempt horses from the personal property tax altogether.
The personal property tax is a local tax collected annually by your town or county, usually in the same way real estate taxes are collected.
Gilmore's proposal to eliminate the state's personal property tax (on cars and trucks) has resonated in northern Virginia, which the Democrat must win convincingly if he is to win the November 4th election.
Connecticut is one of only 18 states that assess personal property tax on motor vehicles, according to David Brunori, a public policy professor at George Washington University and contributing editor of State Tax Notes.
The City, with Revenue Commissioner Keith Richardson taking the lead, is considering a measure that would allow the City to seize personal property to settle tax debts.
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How do you know if a transaction involves a sale of tangible personal property (sales tax applies) or the performance of services with a property transfer merely being incidental (no sales tax)?
Property tax, sales tax and personal income tax revenues continue their decline everywhere you look.
Either way, your real estate holdings are taxed on a pass-through basis: no income tax is paid at the property level, and you pay personal income tax at ordinary income rates.
Sales tax applies to most sales of tangible personal property.
The two governments profess that they are concerned only with corporate taxes and the value-added tax, that they'll leave personal and property taxes alone.
Use tax is the mirror image, applying to tangible personal property purchased outside the taxing state, but brought into the state and used there.
If you live in one state and buy expensive personal property in another, you could face a sales- and use-tax audit.
State Question 766 would abolish property taxes on intangible personal property such as patents and customer lists (only a few states have this tax).
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State Question 766 will abolish property taxes on intangible personal property such as patents and customer lists (only a few states have this tax).
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Washington State has no personal income tax, no corporate income tax (corporations pay on gross receipts only) and relatively low property and sales taxes.
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