Title: I am doing my income tax return what is the difference between property tax and real estate tax or is it same? | Yahoo Answers
Headings: I am doing my income tax return what is the difference between property tax and real estate tax or is it same?
I am doing my income tax return what is the difference between property tax and real estate tax or is it same?
5 Answers
Anonymous
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Content: Real estate taxes is the tax paid for owning land, personal property taxes are any other taxes imposed by your local government on items other than land. For purposes of itemizing deducitons on your federal income taxes, a local tax is considerd a "personal property tax" if its a tax you pay for owning an item, and the amount is based on the value of the item. This means you can't include things like your car registration fees that are imposed at a flat rate per vehicle as a tax on using the roads, but you can include any portion of car registration fees that are based on the value of the vehicle. Clear as Mud? ...Show more
Bostonian In MO
Lv 7
1 decade ago
All real estate taxes are property taxes, but not all property taxes are real estate taxes. Some states tax personal property in addition to real property. MO is a good example with personal property taxes on vehicles, farm & construction equipment, livestock, crops, etc. Whether a property is your home or a rental, the taxes are all real estate (or real property) taxes. ...Show more
Anonymous
1 decade ago
Real Estate taxes are taxes paid on your primary or other homes. Property taxes are taxes on your property such as vehicles, boats, airplanes, etc.