Personal Property assessment is a method of evaluating the actual property tax value against the market tax value. This is largely dependent on the jurisdiction under which the property falls. The personal property needs to be identified in the assessment and accordingly the tax rate and the actual value needs to be deduced. This is an important way in which the owners are able to adjudge the correct market potential of the said property, essentially before selling it.
Sample Personal Property Assessment:
The following personal property assessment has been made by TAX US Co., West Kentucky
Name of Personal Property: 4 wheeler Car [Model: Vista Cruiser 2345]
Owner name: Mr. Wren Stint
Year of purchase: 1999
Date of assessment: 23.4.2011
Main Objective: Mr. Wren needs to examine the tax value of his car according to the actual value against the retail market price set. This assessment is also being done in accordance with the new tax rate introduced.
Current Tax Payments Made:
- Car Retail Value: $56,000
- Old tax rate: 1.5% per annum
- Total tax paid every year since 1996 to 2010: $2200
- New tax rate: 1.2%
- Actual price of the owner’s car: $44,000
- New tax amount liable to be paid by the owner: $1800
- The tax must be submitted within six months of assessment for the new tax value to apply.
- This value will be discontinued with the change in tax rate and the owner will have to pay according to the market value until further assessment is complete.