Personal property tax is assessed by local governments. In Maryland, personal property includes household fixtures and furniture, office and industrial equipment, tools, supplies and inventories, and more. Personal property is non-real property, and is regulated by state and local governments. The Personal Property Division’s website provides links and forms, instructions and brochures about the tax rates and exemptions. To file your property tax, you should know what you’re expected to pay for the personal property you own.
The amount of personal property tax owed is based on the assessment amount for the current year, which is based on the Declaration. Personal property tax installment plans start in March and run through December. The January payment will reflect the assessment amount for the current year, multiplied by last year’s tax rate. The December payment will reflect the balance owed based on the current year’s bill, and you must make the payment by the December deadline to avoid late fees or a termination of the plan.
If you have a non-resident active duty military member, you are not required to pay personal property taxes. However, you must provide your most recent leave and earnings statement, which contains the member’s last four digits, state of residence, and ETS or separation date. Foreign military students are also exempt from personal property tax, but they must provide a tax exemption letter each year. The Military Spouses Residency Relief Act, which took effect on November 11, 2009, has also extended the deadline for filing current personal property tax bills.
Personal property tax is assessed annually on tangible property. This tax is based on the value of the property. The amount of tax you owe will vary from one state to another, so it’s important to know the exact details of your personal property tax. You can find more information in the assessor’s office. There’s a simple and straightforward procedure for filing your tax return. And remember to be prepared to make any necessary changes. The IRS will not refund your taxes unless you don’t follow the rules.
In some cases, you may owe personal property tax on tangible property that can be moved. Tangible property includes anything you can touch, move, and store. Items that are intangible include stocks, bonds, and intellectual property. If you are self-employed, your personal property will also be listed. You can also use the service of an attorney to file your personal property tax return. You should know how to file your tax return if you own a business.
Personal property taxes are generally deductible if they are a significant portion of your total taxable income. However, if you don’t owe any, you can still deduct them on your tax return. Amounts are deductible only if they exceed the standard deduction, so it’s better to make sure your deductions are higher. In some cases, it may make more sense to itemize rather than take a personal property tax deduction.