Title: What Is the Difference Between Real Estate Taxes & Personal Property Taxes? | Budgeting Money - The Nest
Headings: What Is the Difference Between Real Estate Taxes & Personal Property Taxes?
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What Is the Difference Between Real Estate Taxes & Personal Property Taxes?
Real Estate Taxes
Assessment of Real Estate Taxes
Personal Property Taxes
Federal Tax Deduction
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Content: What Is the Difference Between Real Estate Taxes & Personal Property Taxes? | Budgeting Money - The Nest
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What Is the Difference Between Real Estate Taxes & Personal Property Taxes? By Kay Lee
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When you think of taxes, you might most often think of the taxes paid on income to federal and state governments. Income taxes, corporate taxes and other taxes -- such as real estate and personal property taxes -- make up over a fifth of the revenue taken in by state governments. Real Estate Taxes
Real estate taxes are based on the value of real property owned by the taxpayer. Real property consists of land and buildings that are permanently attached to the land, like homes and offices. Assessment of Real Estate Taxes
Although each state sets its own laws regarding how real estate tax assessments are made, there is a largely universal process that each state follows. Real estate taxes are determined by multiplying the real estate value of the home or property by the tax rate set by your local government. By securing a lower assessment, the real estate taxes would be less. Personal Property Taxes
What constitutes taxable personal property varies by state.