Property Tax

Re: Property Tax

Silas Pradetto said:
So the tax guy from the town in which my shop is located showed up today and handed me a form, saying I need to pay property tax on all the gear I own. Well, that's a LOT.

Is this normal? I've never been taxed at any other location I've been at.
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So will you be having a "tax sale" any time soon?
 
Re: Property Tax

Silas Pradetto said:
So the tax guy from the town in which my shop is located showed up today and handed me a form, saying I need to pay property tax on all the gear I own. Well, that's a LOT.

Is this normal? I've never been taxed at any other location I've been at.
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From what I read, inventories that are for sale are exempt from property taxes in Connecticut.

Seems I have seen all your inventory is for sale.
 
Re: Property Tax

Also, in some locations rental inventories are considered to be 'inventory', and thus don't count in the total. So you end up mostly just counting office equipment and vehicles. Check with your local city/county/etc for the rules... you may be fine -- just having to file some paperwork.
 
Re: Property Tax

Jim King said:
Also, in some locations rental inventories are considered to be 'inventory', and thus don't count in the total. So you end up mostly just counting office equipment and vehicles. Check with your local city/county/etc for the rules... you may be fine -- just having to file some paperwork.
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That would be great considering everything is rental inventory. Even my office chairs.
 
harrybrilljr said:
It's called tangible tax. FL Dept Rev - Tangible Personal Property
In Florida the first $25k is exempt and I only own about 10K worth total and it's all inventory because I will sell anything at the drop of a hat. Either way I'm covered. It's kind of like sales tax that you pay every year for the same item.
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What's next? Paying yearly taxes on money in the bank?
 
Re: Property Tax

It seems getting any info on the tax's is nearly impossible too, I've searched all over the place and can't seem to find any info on property tax's in my area for businesses other than for farm land and mobile homes.
 
Re: Property Tax

If you will excuse me for a moment...... do you, as a corporation or a person, own the equipment? Because, to be quite honest, I have no idea how they plan on "taxing" you by making you pay for what you own? Are they saying that you are merely "renting" the equipment from the government? I'd look up the law myself but I'm having less luck than Jordan on finding anything on such a "tax." I mean, taxing the land is one thing, but taxing what you use? Wait- are they taxing your wrenches? I'd like to think the hunk of iron from it is worth more than what you end up paying for it. Maybe list them all as raw materials? I mean, that's pretty much what they are to someone who doesn't know how to use them. OH MY- I JUST HAD A GREAT IDEA. Let's tax the information in your head! That'll be great. We'll put down a draft for the "intelligence tax" on Monday. Call my secretary- this is going to be a blast!


...
Sorry, I don't know what got into me there. It must have been the insanity rubbing off on me.
 
Max Warasila said:
If you will excuse me for a moment...... do you, as a corporation or a person, own the equipment? Because, to be quite honest, I have no idea how they plan on "taxing" you by making you pay for what you own? Are they saying that you are merely "renting" the equipment from the government? I'd look up the law myself but I'm having less luck than Jordan on finding anything on such a "tax." I mean, taxing the land is one thing, but taxing what you use? Wait- are they taxing your wrenches? I'd like to think the hunk of iron from it is worth more than what you end up paying for it. Maybe list them all as raw materials? I mean, that's pretty much what they are to someone who doesn't know how to use them. OH MY- I JUST HAD A GREAT IDEA. Let's tax the information in your head! That'll be great. We'll put down a draft for the "intelligence tax" on Monday. Call my secretary- this is going to be a blast!


...
Sorry, I don't know what got into me there. It must have been the insanity rubbing off on me.
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Yes mechanics tools including wenches are on the list.

Business owns everything though.

Sent from my XT907 2
 
Re: Property Tax

As they say, it's only two certainties in life; death and taxes. Taxes need to be high enough to make death seem a relief ;)~;-)~:wink:
I know the tried intelligence tax in Sweden, but they couldn't find anyone that qualified :twisted:
In Norway of course we have the TID, the Tax Invention Department that employs about 100.000 people whose sole job it is to dream up new taxes :lol:

Seriously though, is there not a clear distinction between real estate tax and capital tax? I imagine most tax systems make this distinction, where the capital tax is calculated from net worth of assets minus liabilities. Even in Norway we don't pay tax on our belongings as such.
 
Re: Property Tax

So how is the value determined? Is the depreciation schedule taken into account? It might be worth it to spend a little time learning the tax code they are working from and become an expert on what applies to your situation. It is not rocket science and I would say the skill set required to understand a page or two of the tax code is far less that what it requires to become an audio engineer. Just for an example lets say the equipment was owned buy a corporation in another state and was being rented to you. How is equipment that appears on a balance sheet taxed in your location? How is it taxed in another location? If you are talking a couple of hundred dollars Just pay it and consider it the cost of doing business. If it is potentially thousands of dollars then it is well worth your time do your research. I am interested in how this turns out so please keep us posted.
 
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