Georgina Patterson, Keller Williams Realty Petaluma, DRE #02104684Phone: (415) 342-6794
Email: [email protected]
Email: [email protected]
What is the difference between property tax and tangible personal property tax? While property taxes are commonly understood as payments on your home or land, tangible personal property is a less common term used in real estate. Referring to physical objects other than the literal land or building, personal tangible property is important in commercial and rental businesses. Here is the basic info to know about personal tangible property and associated taxes:
Some examples of business assets qualifying as tangible personal property include:
Individuals and households may have personal tangible property such as:
You can think of tangible personal property as anything of value with physical existence. Other assets, such as patents and copyrights, do not count as tangible personal property as they are not literally tangible.
Similar to regular property taxes, personal tangible property taxes are based on a percentage of either the asset's sale price or assessed value. Landlords and businesses have to report these assets on a tax return, as long as they are related to a business. Taxes are paid to the local government, and in some cases can qualify for tax deductions on federal income tax returns.
Understanding personal tangible property taxes is crucial if you're planning on investing in a commercial or rental property. Keep this basic info in mind when considering your next move in real estate investment.
Georgina was born and raised in Paris, France. She studied Mathematics and Biology at the University of Paris. She settled in Marin County where she and her husband raised their two children. She was on tour with Cirque du Soleil, managing and chaperoning her young daughter who was one of the show's featured performers. During this time, they worked and traveled throughout Canada and the USA. Georgina appreciates the beauty of the Bay Area and Sonoma. She especially enjoys the nice weather, diversity, and culture. She became a tax preparer and an Enrolled Agent. She decided to become a Realtor® and is pleased to join Keller Williams Realty. For fun, she enjoys traveling and playing the Piano.
Realtor®
DRE #02104684
415.342.6794