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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 Vermont, personal property tax is generally assessed at the municipal level rather than the state level. This tax applies to certain items of personal property, such as motor vehicles, boats, and aircraft. The tax is based on the assessed value of the property, which is determined by the local assessor. Vermont does not have a statewide personal property tax for individuals, but businesses may be subject to local personal property taxes on tangible items used to produce income, known as business personal property. These taxes are typically ad valorem, meaning they are based on the value of the property. The specific rates and exemptions can vary by municipality, so it is important for property owners to check with their local tax assessor's office for detailed information regarding personal property 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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Vermont State Code

Vermont State Code

Taxes

personal property tax

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