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Article: Managing personal property taxes.
- Article from:
- The Tax Adviser
- Article date:
- November 1, 1996
- Author:
CopyrightCOPYRIGHT 1996 American Institute of CPA's. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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States that tax personal property usually require taxpayers to complete an annual personal property tax rendition or return. Some states provide a single personal property tax return on which all property located within the state is reported. In other states, a separate return is required to be filed with each local jurisdiction in which the taxpayer owns personal property.
Most personal property tax returns differ from state income, franchise and sales and use tax returns, in that taxpayers do not compute or self-assess their property tax liability on the return. Instead, the return identifies the type of business, property location and the original costs of ...