What is personal property tax? Do I qualify for a personal property tax deduction?
Personal property tax is an excise tax based on the value of the items that are mobile, such as vehicles and boats. You may qualify for a personal property tax deduction on your state and local taxes if the tax meets all of these requirements:
- In proportion to the value of the property
- Imposed on an annual basis, even if collected more or less than once per year
- Imposed on personal property