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The Information Guidance for Lat 11 Watercraft 20 Personal Property Tax Form

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Fill Out Lat 11 Watercraft 20 Personal Property Tax Form through CocoSign's Guide

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Find out How to Write Down the Lat 11 Watercraft 20 Personal Property Tax Form

when we think of property tax we.normally think of something like real.estate right so you own your home you're.assessed property taxes and those fund.the school district in your area but.there's also a different type of.property taxed and that's called.personal property tax and personal.property tax normally is gonna pertain.to an out a little thing here normally.it's gonna be something like a vehicle.it's like a car a boat and in some cases.in some states this actually could be.something like tools right there's some.kind of equipment that you use in your.business so it depends on the locale it.depends where you live and for the most.part personal property tax is assessed.at the local level or at the state level.right so and let me just cross this out.so I mean no you're not talking about.that so the state or local level so.there's no federal personal property tax.right this isn't something you file with.your your annual tax returns to the.federal government so not all states.have a personal property tax so it.depends on where you live and so when.they assess the personal property tax.whether it be your local government in.the state it's what's known as an ad.valorem tax and what that means is that.similar to real estate my property tax.it's based on the value right so so let.me just actually will just say the.assessed value it's just very important.right so you might be thinking hey my.car I think it's worth fifty seven.hundred dollars well maybe the kelley.blue book says it's worth seven thousand.and maybe that's what the local area.that that government uses to assess.personal property in that region so.whatever they have for their assessment.process they're gonna come up with an.assessed value of your personal property.and then you're gonna be assessed taxes.on that basis assuming that you have a.personal property tax where you live so.I'm just gonna walk you through a short.law example I know that that's probably.some of you already got it but we'll.just kind of walk through let's say that.you own two cars right so you own two.different vehicles and you have personal.property tax where you lived and so.let's say that the assessed value and.let's see here so I've got a couple.values here we're gonna say these are.the assessed values not what you think.the value is or necessarily from what.you.the vehicle for although that might be.relevant is depending on where you live.but let's just say for whatever reason.the assessed values of the cars are.twenty nine hundred dollars and.seventeen hundred dollars okay however.those numbers were arrived at those are.the assessed values in this example and.the personal property tax rate where you.live is one percent so all you would do.then is just take these assessed values.and you just multiply it by the tax rate.of one percent so it's pretty simple.it's it's in that sense it's not all.that different than real estate property.tax and in this case the tax that would.be due would be forty six dollars all.right again I just took these numbers.and multiplied it by the one percent so.that tax is typically due on an annual.basis so every year you would have to.incur this personal property tax now one.thing to kind of bear in mind is that.you might be obsessed to personal.property tax for a vehicle that you've.already sold right so you might say hey.that's kind of weird so let me just give.an example let's say you sold this.vehicle let's say you sold it on May.15th.whatever the year is you sold the.vehicle on May 15th and then later you.get a personal property tax bill for it.and you say hey wait a minute I don't.own this vehicle anymore I got rid of it.why do I still have to be assessed tax.based on.well sometimes where you live they'll.have like some kind of deadline or so.they might say okay as of preceding.January 1st so let's say it's let's say.you sold it on May 15th but you owned it.I'm just just changing colors here owned.as of preceding January 1st and again it.depends where you live you want to check.the regulations where you are but this.is just an example so let's say that you.owned the car as of January 1st this.year and whatever vehicles you owned as.of January 1st they go and they make the.assessment and they say what the.assessed values are and then they assess.you the property tax and then even if.you sell that vehicle a couple months.down the road later you get the property.tax bill for it nearly you still have to.pay it now the following year right so.let's say that you know let's say that.this is 2019 right so.so let's say it's solar I'm a 15 mm 19.right so and then as of the preceding.January first so they'll say that that.was January 1st 2019 so you owned it as.of the first on 2019 but then you sold.on May 15th and at some point later in.2019 you got the bill but let's say that.now we're talking about 2020 right so.now in 2020 you're gonna go and now as.of January 1st 2020 you no longer own.the vehicle so now at that point going.forward obviously you won't continue to.be to incur personal property tax for.this vehicle right so it's just kind of.a thing that year in which you sell the.vehicle you may still be assessed.personal property tax for it because you.owned it as of the date when the.assessments were.

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