Property Taxes and Your Personal Vehicle Save Money

Property Taxes and Your Personal Vehicle Save Money

In
some states consumers can expect to pay property taxes on their homes
as well as on their personal vehicles. Thats right, your 2004 BMW 760i
is a taxable commodity in some areas and it could be a bigger tax then
what you should pay. Are you paying the fair amount of taxes on your
vehicle or are you paying too much? Read on and well take a look at how
you can trim your automotive tax bite.

State law will differ, but
if your state is one that taxes automobiles you can expect a
significant hit every year, especially if your vehicles real value is
up there. There are two kinds of property taxes out there: real
property which includes homes, land, and the like and personal property
which includes your car, truck, van, and SUV. In some states trailers
and boats are also considered taxable real property, so your annual
bite could even be greater.

Again, you must learn how your state
decides its tax rate on your vehicle as it could spell the difference
in what you pay every year. While your BMW may be valued at $33,550 you
know that its real value is far less as you used your car extensively
for business trips. With 167,000 miles on the odometer, your BMW is
likely worth close to $18,000 with that high mileage taken into
consideration.

While real property tax assessments are not
updated annually, your personal property tax assessment should be.
Thus, every year you own your vehicle, your trailer, or your boat, its
value will decline. So, unless a state or county wide tax assessment
has been conducted, you can expect to see your taxes drop every year on
your existing personal property.

You can save money in your
jurisdiction if the state determines that your personal property is
assessed at is true value in money. This means that if you were to sell
your car, it would get X amount on the market.

So, if this should
be the case where you live, can you reduce your BMW personal property
tax burden? According to local law you should be able to do so.
Therefore, find out how you can appeal your taxes and what you must do
to obtain a reduction. It may involve simply bringing your car to the
tax office and letting a tax representative check your odometer. If it
is as easy as that, then you can expect to receive a nice reduction in
personal property taxes on the spot.

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