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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 Arkansas, personal property tax is assessed on items such as motor vehicles, boats, and aircraft. This tax is an ad valorem tax, meaning it is based on the value of the property. The county assessors are responsible for determining the value of personal property for tax purposes, and taxpayers are required to report their personal property to the assessor's office annually. Business personal property, which includes items used to produce income, is also subject to this tax. Tax rates vary by locality, and the revenue collected from personal property taxes is used to fund local services such as schools, roads, and emergency services. It's important for property owners in Arkansas to comply with reporting requirements and deadlines to avoid penalties.

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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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Arkansas State Code

Arkansas State Code

Taxes

personal property tax

Articles