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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 Minnesota, personal property tax is generally not assessed on individual items such as motor vehicles, boats, and aircraft, as these are subject to different forms of taxation. For example, motor vehicles are taxed through a registration tax when license tabs are renewed, rather than an annual personal property tax. However, when it comes to business personal property, Minnesota does not impose a general state-wide personal property tax on business assets. Instead, businesses pay a statewide property tax on commercial and industrial properties, which is based on the property's assessed value. This tax applies to real property, such as land and buildings, but not to most categories of business personal property. It's important to note that there may be local variations and specific exceptions, so businesses should consult with an attorney or local tax authorities to understand any applicable local taxes or specific circumstances that might affect their tax obligations.

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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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Minnesota State Code

Minnesota State Code

Taxes

personal property tax

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