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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 Massachusetts, personal property tax is levied on certain items of personal property, which includes motor vehicles, boats, and aircraft. This tax is assessed by local cities and towns and is based on the value of the personal property. The valuation for motor vehicles is provided by the state and is based on a percentage of the manufacturer's list price in the year of manufacture. Boats and aircraft are also subject to local taxation, with the value determined by the local assessors. Additionally, Massachusetts imposes a business personal property tax on tangible personal property owned by businesses that is used to produce income, also known as ad valorem taxes. This includes machinery, equipment, and furniture. There are certain exemptions available, such as for small businesses with personal property valued at less than a specific threshold. Tax rates vary by municipality, and taxpayers are required to file a Form of List (State Tax Form 2) with their local assessors by March 1st each year to declare their taxable personal property.

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Taxes

personal property tax

Individual & Family Legal Plan

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Massachusetts State Code

Massachusetts State Code

Taxes

personal property tax

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