About Personal Property Tax Reduction
Personal property tax is a tax imposed in many jurisdictions on machinery, furniture and equipment used in conducting and operating a business. Many taxpayers think this is a fixed expense, however, the tax burden can often be minimized with the help of an expert knowledgeable of specific tax codes.
The laws and guidelines that govern this highly specialized tax area vary from state to state, and even county to county. There is a common misconception, exists that the basis for reporting fixed assets must be the same as the basis for accounting purposes. In reality, the basis is directed by state and local government guidelines, which apply only to personal property tax.