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The Basement
Property Tax
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<blockquote data-quote="Tim McCulloch" data-source="post: 96528" data-attributes="member: 67"><p>Re: Property Tax</p><p></p><p></p><p></p><p>In our locale, valuation is determined by a County Assessor. His/her job is to make sure you don't lie (high or low) about the value of your land or goods subject to personal property taxes.</p><p></p><p>Depreciation IS taken into account: here, the Assessor sends out forms once a year that allows the owner to delete items that are no longer owned or to document further depreciation.</p><p></p><p>Kansas changed its personal property tax laws several years ago, and capital equipment, office equipment... pretty much anything that is not a highway vehicle or watercraft purchased after the date of those changes is exempt from personal property taxes. The law previously applied to any and all goods on the property of the taxpayer, which led to some interesting ways to dodge an inventory: loading up semi trailers and moving them to a public right of way, for example. One quarry operation straddled the Kansas/Missouri state line, and they moved all their heavy equipment to the Missouri side of their property on inventory day. Missouri had no personal property tax at the time (and may not, still). One of the big points here in Kansas was the responsibility for any and all personal property on the premises, even if it wasn't owned by the business. Only items that were rented (leased items were the responsibility of the lessee) under a rental agreement were exempt.</p><p></p><p>Note that what happened in Kansas is almost certainly NOT indicative of Silas' reality in CT. Silas needs to contact his accountant to avoid filing asset lists that might bring about the attention of the Central Scrutinizer® (Frank Zappa, from "Joe's Garage"). Saying your tools are part of inventory for sale probably won't work unless you keep your tools in a showroom and have price tags on the shelf or item.</p></blockquote><p></p>
[QUOTE="Tim McCulloch, post: 96528, member: 67"] Re: Property Tax In our locale, valuation is determined by a County Assessor. His/her job is to make sure you don't lie (high or low) about the value of your land or goods subject to personal property taxes. Depreciation IS taken into account: here, the Assessor sends out forms once a year that allows the owner to delete items that are no longer owned or to document further depreciation. Kansas changed its personal property tax laws several years ago, and capital equipment, office equipment... pretty much anything that is not a highway vehicle or watercraft purchased after the date of those changes is exempt from personal property taxes. The law previously applied to any and all goods on the property of the taxpayer, which led to some interesting ways to dodge an inventory: loading up semi trailers and moving them to a public right of way, for example. One quarry operation straddled the Kansas/Missouri state line, and they moved all their heavy equipment to the Missouri side of their property on inventory day. Missouri had no personal property tax at the time (and may not, still). One of the big points here in Kansas was the responsibility for any and all personal property on the premises, even if it wasn't owned by the business. Only items that were rented (leased items were the responsibility of the lessee) under a rental agreement were exempt. Note that what happened in Kansas is almost certainly NOT indicative of Silas' reality in CT. Silas needs to contact his accountant to avoid filing asset lists that might bring about the attention of the Central Scrutinizer® (Frank Zappa, from "Joe's Garage"). Saying your tools are part of inventory for sale probably won't work unless you keep your tools in a showroom and have price tags on the shelf or item. [/QUOTE]
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