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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 York State, personal property tax is not assessed on items such as motor vehicles, boats, and aircraft for individual owners. Instead, these items are subject to other forms of taxation, such as sales tax at the time of purchase and registration, use, or fuel taxes. However, when it comes to businesses, New York does impose a tax on business personal property, which is considered tangible personal property used in a business to produce income. This is known as the Business Corporation Franchise Tax, which is based on the business's capital, including investments in property. Local jurisdictions may also have their own rules regarding the taxation of business personal property. It's important to note that New York State has been moving away from the taxation of business personal property, and many types of property are now exempt or subject to different forms of taxation.

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Taxes

personal property tax

Individual & Family Legal Plan

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New-York State Code

Taxes

personal property tax

New-York State Code

Articles