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personal property tax

Many states assess a personal property tax on certain items of personal property such as motor vehicles, boats, and aircraft. Business personal property taxes—taxes on tangible personal property items that are used to produce income—are often referred to as ad valorem taxes.

In Alabama, personal property tax is an ad valorem tax, meaning it is based on the value of the property. This tax applies to items such as motor vehicles, boats, and aircraft, and is also levied on business personal property that is used to produce income. The tax rates and exemptions can vary by county, and the valuation of personal property for tax purposes is typically based on its current market value. Business personal property includes items like machinery, tools, and equipment. Taxpayers are required to report their personal property to the county tax assessor annually for assessment. The revenue from personal property taxes is used to fund local services such as schools, roads, and public safety.

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Taxes

personal property tax

As a LegalFix Member You Will Be an Important Client of Local Law Firms

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Alabama State Code

Taxes

personal property tax

Articles