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Taxes

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 New Jersey, personal property tax is generally not assessed on items like motor vehicles, boats, and aircraft for individual taxpayers, as these items are subject to other forms of taxation. For example, motor vehicles are taxed through motor vehicle registration fees and sales tax at the time of purchase. However, businesses in New Jersey may be subject to a form of personal property tax known as Business Personal Property Tax (BPPT), which is an ad valorem tax, meaning it is based on the value of the business personal property. This tax applies to tangible personal property used in business to produce income. It's important to note that the specifics of BPPT can vary by municipality, as local governments have the authority to administer and collect these taxes. Businesses should consult with an attorney or their local tax assessor's office to understand the specific requirements and rates that apply to their business personal property.

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Taxes

personal property tax

Individual & Family Legal Plan

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Taxes

personal property tax

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