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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 Wisconsin, personal property tax applies to certain items of personal property, which can include items like motor vehicles, boats, and aircraft. However, Wisconsin has made significant changes to its personal property tax laws in recent years. As of January 1, 2018, most machinery, tools, and patterns are exempt from personal property tax under state law. This change was aimed at reducing the tax burden on businesses. However, business personal property such as furniture, fixtures, and equipment may still be subject to personal property tax unless specifically exempted. Local assessors are responsible for assessing the value of personal property for tax purposes, and the tax is typically based on the assessed value of the property, hence the term 'ad valorem' taxes. It's important to note that tax laws can be complex and subject to change, so consulting with an attorney or tax professional for the most current information is advisable.

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Taxes

personal property tax

Individual & Family Legal Plan

Articles

Wisconsin State Code

Taxes

personal property tax

Wisconsin State Code

Articles