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Personal Property Tax Question
I am considering moving to a state with lower taxes. In PA we don't have a personal property tax which I am seeing in some other states such as Virginia. In some places in VA it is 2% in others it is 4%. I am not sure I understand it correctly. If you have $100,000 worth of toys as registered vehicles, would you have to pay that percentage in tax every year? That seems outrageous!
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2001 911 Cabriolet |
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12-09-2015, 05:19 AM
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Registered
Join Date: Aug 2002
Location: MD
Posts: 5,733
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Yes goofy, but like property tax its rate X assessed value. For example from Loudon County
Example for a Personal Use Vehicle Valued at More than $20,000 Assessed value of vehicle is $25,000 Apply the $4.20 tax rate: ($4.20 / 100) x $25,000 = $1050.00 Calculate personal property relief on 1st $20,000 of value: ($4.20 / 100) x $20,000 x 46% (for 2015) = $386.40 Reduce the tax by the relief amount: $1050.00 - $386.40 = $663.60 Annual Tax Amount = $663.60 |
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12-09-2015, 05:25 AM
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Get off my lawn!
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Oklahoma used to have a personal prop tax on everything you owned. The house, the furniture, everything. The cheating and under reporting was rampant. The legislature finally realized how hated and unfair it was. They eliminated it on individuals but they left it for businesses. It is easier to enforce a "ad valorem" tax on business inventory and assets.
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Glen 49 Year member of the Porsche Club of America 1985 911 Carrera; 2017 Macan 1986 El Camino with Fuel Injected 350 Crate Engine My Motto: I will never be too old to have a happy childhood! |
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12-09-2015, 05:59 AM
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Still Doin Time
Join Date: Nov 2004
Location: Nokesville, Va.
Posts: 8,225
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..........zactly what Vincent said for Virginny.......
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'15 Dodge - 'Dango R/T Hauls groceries and Kinda Hauls *ss '07 Jeep SRT-8 - Hauls groceries and Hauls *ss Sold '85 Guards Red Targa - Almost finished after 17 years '95 Road King w/117ci - No time to ride, see above '77 Sportster Pro-Street Drag Bike w/93ci - Sold |
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12-09-2015, 08:25 AM
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Join Date: Feb 2008
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I thought the personal property tax on toys was the essentially the registration you paid to use it!?
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dolor et pavor Copyright |
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12-09-2015, 08:32 AM
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Bandwidth AbUser
Join Date: Nov 2001
Location: SoCal
Posts: 29,522
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All states need our money. How they get it differs.
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Jim R. |
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12-09-2015, 08:33 AM
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Bandwidth AbUser
Join Date: Nov 2001
Location: SoCal
Posts: 29,522
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Quote:
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Jim R. |
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12-09-2015, 08:34 AM
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When we moved to Oregon we did the tax calc too. Best plan is to look at overall tax burden by state and how it applies to your individual lifestyle. Nationwide OR falls right about in the middle and considerably less than CA, which we left. OR has no sales tax, so if you're younger and still consuming (buying cars, houses & stuff to fill those houses) that's in your favor. Downside is city /county taxes are higher to fund public services likes schools, roads, etc to offset the lack of sales tax. So if you have kids in public schools you're getting something for your money there too. We're done buying most of our stuff and don't have kids, so we're not on the favorable side of that equation, but we still like it here, and what the sticker says is what you pay.... As I recall moving cars here was only the reg fee and one time tags - ran a couple of hundred per car as I recall. And.... I've got a racetrack 15 minutes from my house...http://portlandraceway.com
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Bone stock 1974 911S Targa. 1972 914/4 Race Car Last edited by Charles Freeborn; 12-09-2015 at 08:41 AM.. |
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12-09-2015, 08:38 AM
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Carrera
1974 Porsche 911S Targa
