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
Related Resources
In honor of Day of the Dead, learn everything that you need to know about filing taxes for a deceased loved one with the experts at H&R Block.
Can you split donations with your spouse if you itemize deductions and file married filing separately? Learn more from the tax experts at H&R Block.
Learn more about how a salary advance could potentially impact your return with help from the tax experts at H&R Block.
Are you eligible for tax credits when pursuing higher education? Learn more about these credits and get tax answers at H&R Block.
