The Distinction there is Between Personal Property Taxes and the Real Estate Taxes
As we can see, the property held by us can be classed into two main classes-the Real Property and the Personal Property. Real property basically consists of those assets of land and anything that may be by any chance attached to the land permanently and the examples include buildings, farmhouses, ranches, and other kinds of fixtures that may be attached to the land and the buildings.
Property outside of the real property category such as livestock, cash, furniture and cars will generally fall under the personal property category. The next we will take a look is the working of the taxes applicable to the two diverse categories of property.
The first fact we will mention is that real estate property taxes actually are applicable on both the trade property and the residential property as well. The basis for their application will be the fair market value of the property concerned. This as such points us to the fact that the valuation of the property actually happens to be such a crucial step that needs to draw your attention and be of much interest in as it is such a factor that will define the taxes that will be due to you at the end of the day. There is basically a straight kind of relationship between your taxes due and the value of the property as is determined by the property valuation experts, where you will realize that the higher the valuation of the property the higher the tax that you will be deemed due to pay and the lower the value of the property the lower your tax due to the authorities. If you are an owner of real estate property, you need to know that you will be bound to pay real estate tax unless you are exempted by law through disability or by reason of age. The other fact you need to know about the operation of real estate tax laws is that if you are a leaseholder and are leasing property from a property owner who is exempt, you will be, as the leaseholder, liable to paying the due taxes. You will always have the value of the property, real estate property, done on a yearly basis and these valuations will be mailed to you as the taxpayer at the beginning of every year, normally in the first month of every year.
Looking at personal property taxes, you will have the valuations for the taxes based on the property that is used in business. As a taxpayer, you will be required to file an assessment that is in line with your personal property. The assessor will then assess the values and after then get you the taxpayer a statement form and after then you will be required to report the value of your property as is required by law.