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Article: Classification and valuation issues affecting the ad valorem taxation of business tangible personal property.
- Article from:
- The Tax Adviser
- Article date:
- June 1, 1997
- Author:
CopyrightCOPYRIGHT 1997 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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Diversity in state laws makes compliance with the self-reported taxation of business tangible personal property difficult. Nevertheless, taxpayers can challenge assessors' classification and fair market value (FMV) of property and often achieve significant reductions in personal property tax liability.
Classification
Classification issues become increasingly important to taxpayers in jurisdictions that limit the taxation of business tangible personal property or have different tax rates for personally and realty. In determining whether property should be classified as personal or real, traditional definitions of personal property provide that "personal ...