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
More Articles

Content: 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. In general, personal property is that which is movable and is not "real" property. Examples of personal property often taxed by state and local governments are cars and boats. Like real estate taxes, personal property taxes are based on the value of the object being taxed. Federal Tax Deduction
If you pay state, local or even foreign real estate or personal property taxes, you may deduct the amount paid on your federal income taxes. You must know the amount paid during your tax year and you must itemize your taxes in order to claim this deduction.