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Personal Property Taxes  RSS feed

 
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Does anyone have a way to figure out (or examples) for personal property taxes in MO or AR? I currently live in Iowa and the tax scheme is pretty easy to figure out here. I live in a 1 br house on a 60x150 lot in a small town valued at $15K, property taxes are $230 annually. Vehicle registrations are $50 annually for all vehicles older than 12 years. We currently drive a 03 Chevy Express, a 05 Prius and 02 Honda Odyssey. Might be an 05 by the time we decide to move. So, $400 a year covers all the taxes on property and vehicles- no sales tax on food and 5-7% on everything else depending on jurisdiction.

I will say that the AVERAGE property tax in Iowa is around $800-1000 for a single family home. I'm just lucky at the moment.

I know that there has to be someone out there that can give me an example and an idea of what I would expect to pay. I also have mechanics tools and some farm equipment (all older) so I would expect that I would have to pay personal property tax on that but at what rate? They are for personal use only as well.

Specifically the Ozarks if that's any different.

I see Deb Stephens was talking about this in another thread but I don't know how to tag her.

It's easy enough to see what property taxes are, but the personal property tax part I don't have a clue what it is.

From what I've (heard) they don't raise the assessment on your property unless you move and then they revalue your property for tax purposes- any truth to that? Would I be smarter in the long run to buy bare land with outbuildings and build my self a house?

Thanks!
 
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Location: Middle Tennessee
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Hey J, I'm really intrigued, as I've never heard of such a thing as "personal property taxes". From what you describe, it sounds like ongoing taxes to pay annually for material possessions, such as a lawn mower or chainsaw. From what I know, once taxes are paid for durable goods (and soft goods for that matter) at the time of purchase, in states that have such an applicable sales tax, there are no more taxes to be paid.
 
J Anders
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I am too. I would like to get some idea of what to expect for personal property taxes as they are a unknown quantity in a list of unknown quantities that I would like to know before I relocated.
 
James Freyr
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I don't think they exist, at least here in the America. Property taxes (land) is the only ongoing tax paid annually for ownership of something that I am aware of or ever heard of. Renewing tags on automobiles is, I think, something different.
 
pollinator
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James Freyr wrote:I don't think they exist, at least here in the America. Property taxes (land) is the only ongoing tax paid annually for ownership of something that I am aware of or ever heard of. Renewing tags on automobiles is, I think, something different.



Oh...they exist!!

We have them here in Maine, but it all depends on where you live. For instance in my town, where dairy farms rule, and two of the three "selectmen" who are elected to run the town at our annual meeting are farmers, my town chooses to overlook enforcing them. Here it would not be for chainsaws and hedge trimmers, but more for bigger farm tractors and sawmills and such.

The best place to look for the overall cost of living and all taxes combined, is actually retirement websites that show such things on a state by state basis. For instance other states have far higher property taxes than what I have in Maine based on per capita basis, BUT when you include ALL the additional taxes we pay, we have the highest overall taxes in the country. The retirement sites do those calculations for you.
 
J Anders
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That's interesting that your town chooses not to enforce them. That's why I'm hoping that Deb Stephens sees this post as she's right in the area that I'd like to explore for a home. I know I could PM her.
 
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following, as I'm looking to relocate next yr to ar.
 
Travis Johnson
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J Anders wrote:
That's interesting that your town chooses not to enforce them. That's why I'm hoping that Deb Stephens sees this post as she's right in the area that I'd like to explore for a home. I know I could PM her.



Yes it kind of is, because like on the sawmills. I have several, and one is permanent, think 1800 circular sawmill here in its own building. That one gets taxed, but my other bandsaw sawmills do not, probably because they are more portable.

I got land in (5) towns in (2) states, and how each town applies taxes is completely different. I am not sure how the personal taxes would apply; probably be just based on the town that I actually live in, that would eleminate being able to claim the personal property was in another town if say one town taxed it, and another did not.

I seldom do that anyway, even though I could legally where I own a house in tax free New Hampshire. If I am in New Hampshire, and need something for the farm, I might stop in Tractor Supply in New Hampshire and pick something up tax free and technically be breaking the law, but it is more in regards to convience (driving right by) rather than a deliberate attempt to thwart tax laws.

I really do not need too, as a full-time farmer the status itself allows a lot of lattitude. For instance, because I am a farmer, none of my trailers have to be registered as long as they are being used in the interest of farming. Registering trucks, and even laws themselves suddenly change. For instance my friend has a truck that will not pass Maine vehicle inspection because its rocker panels are rusted out. I could buy it off him though, register it as a farm truck, and it would easily pass because the criteria for farm vehicles is very low (it must have working brakes). I would legally be limited to its working area from the farm, but as long as it is engaged in agriculture, it falls under the Right to Farm Act. But even then, what police officer would ever pull a truck over with farm plates anyway for being over the prescribed mileage from the farm, they would be laughed out of court by the judge.
 
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Arkansas has one of the lowest property taxes in the US. http://www.tax-rates.org/arkansas/property-tax

We owed close to $400 a year for 40 mostly timbered acres and a two story house and now that we are in this little town in a different county with less than an acre and a much smaller house our taxes are somewhere around $250...$206.99 for 2018.

Our vehicle is taxed separately as personal property and until we bought a newer car was less than ten dollars. 
Now it is $19.62 a year for a 2016 ford hybrid.

Arkansas has what is called 'Homestead Credit' that covers $350 of your taxes if you own your home and the land it is on and it's your place of residence...it has effectively lowered our taxes for years.  It can't be used if you are mortgaged or don't have the deed in your name. I don't know if it could be used if one was living in a tent on their land? ...maybe.
It is not income based and is available for everyone in the state.  http://www.arkansas.gov/acd/homestead_tax_credit.html

During our early years here, in the seventies, the assessor didn't even walk up the trail to our cabin...just called it 'unimproved' land because we didn't have any utilities up there.  There was no Homestead Credit then so I don't know if we could have used it how we were living. Taxes were so much less then and the land we bought was $50 an acre! We still own five acres of that land and  property taxes now, I think, around $75 a year. 

I hear a lot of 'retirees' mention low taxes among their reasons for moving to the Ozarks.  At the same time the larger more expensive homes they are building (some feel) are raising taxes for others.....

EDIT:  I've corrected some things above after looking at our last tax statement.  In this county we are also charged $18.00 for Ozark Mountain Solid Waste.

No taxes on food for the entire state and sales tax varies from county to county, town to town.  Where we last lived it was approaching 10% but since we aren't selling things now I'm not sure what it is here.

 
James Freyr
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Travis Johnson wrote:
Oh...they exist!!

We have them here in Maine, but it all depends on where you live. For instance in my town, where dairy farms rule, and two of the three "selectmen" who are elected to run the town at our annual meeting are farmers, my town chooses to overlook enforcing them. Here it would not be for chainsaws and hedge trimmers, but more for bigger farm tractors and sawmills and such.

The best place to look for the overall cost of living and all taxes combined, is actually retirement websites that show such things on a state by state basis. For instance other states have far higher property taxes than what I have in Maine based on per capita basis, BUT when you include ALL the additional taxes we pay, we have the highest overall taxes in the country. The retirement sites do those calculations for you.



Wow that's crazy man. I can totally understand why the guys choose to overlook enforcing those kinds of taxes, and I think it's real cool that they can do that. It seems to me that farmers have a hard enough time nowadays making a decent living, and to be taxed each year for tractors and other such type equipment that's long been paid for almost seems like punishment for being a farmer.
 
J Anders
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Judith Browning wrote:Arkansas has one of the lowest property taxes in the US. http://www.tax-rates.org/arkansas/property-tax

We owed close to $400 a year for 40 mostly timbered acres and a two story house and now that we are in this little town in a different county with less than an acre and a much smaller house our taxes are somewhere around $250...$206.99 for 2018.

Our vehicle is taxed separately as personal property and until we bought a newer car was less than ten dollars. 
Now it is $19.62 a year for a 2016 ford hybrid.

Arkansas has what is called 'Homestead Credit' that covers $350 of your taxes if you own your home and the land it is on and it's your place of residence...it has effectively lowered our taxes for years.  It can't be used if you are mortgaged or don't have the deed in your name. I don't know if it could be used if one was living in a tent on their land? ...maybe.
It is not income based and is available for everyone in the state.  http://www.arkansas.gov/acd/homestead_tax_credit.html

During our early years here, in the seventies, the assessor didn't even walk up the trail to our cabin...just called it 'unimproved' land because we didn't have any utilities up there.  There was no Homestead Credit then so I don't know if we could have used it how we were living. Taxes were so much less then and the land we bought was $50 an acre! We still own five acres of that land and  property taxes now, I think, around $75 a year. 

I hear a lot of 'retirees' mention low taxes among their reasons for moving to the Ozarks.  At the same time the larger more expensive homes they are building (some feel) are raising taxes for others.....

EDIT:  I've corrected some things above after looking at our last tax statement.  In this county we are also charged $18.00 for Ozark Mountain Solid Waste.

No taxes on food for the entire state and sales tax varies from county to county, town to town.  Where we last lived it was approaching 10% but since we aren't selling things now I'm not sure what it is here.



Thank you Judith!

I have a very good (former at the moment) friend who lives in Yellville who has lived there for 8 years now. I spent 3 months 8 years ago rebuilding his cabin that he bought down there. It's a beautiful area but not much farmable so that will be a challenge. I'm trying to decide if I want to look on the MO side or the AR side of the state line. This is a good post/case for looking at the AR side of the line.
 
Travis Johnson
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I have a friend who lives in Vermont where their property taxes make Maine's look cheap...but anyway, he was down in some southern state at this small café. This waitress was whining that she had to pay her property taxes soon to another local. My friend just asked, "Not to be nosy, and you don't have to say, but what are your taxes?" She said, "$265.00". He looked at her and said, "A week?"

He lives in a trailer on only 30 acres and pays over $5000 a year. He was looking to move to Maine, run a gravel pit and cut some wood in the winter. I told him it is hardly any better here, head south!
 
master steward
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My property taxes, on 5 acres with a manufactured home, are $4,256. We bought the place for $200,000 6 years ago. Now the estimated value is $324,000, and my taxes will be higher next year.

My parents have 1 acre, and they're 30 minutes closer to Seattle, and their house is worth just over half a million, and their property taxes are $7,800. Just four years ago, their house was worth $200,000 less!

My brother is closer into the suburbs, on 1/4 acre, with a house valued at $450,000, and they have $7,000 in property taxes every year.

I'm glad we have good schools, libraries, fire departments and roads. But, it sure would be nice to not have to spend so large a portion of our income on property taxes!
 
J Anders
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Nicole Alderman wrote:My property taxes, on 5 acres with a manufactured home, are $4,256. We bought the place for $200,000 6 years ago. Now the estimated value is $324,000, and my taxes will be higher next year.

My parents have 1 acre, and they're 30 minutes closer to Seattle, and their house is worth just over half a million, and their property taxes are $7,800. Just four years ago, their house was worth $200,000 less!

My brother is closer into the suburbs, on 1/4 acre, with a house valued at $450,000, and they have $7,000 in property taxes every year.

I'm glad we have good schools, libraries, fire departments and roads. But, it sure would be nice to not have to spend so large a portion of our income on property taxes!



And the irony in all of that is- if the banks weren't so willing to loan the $324,000 to buy your place or any of those other places no one would have taxes that high.

It's just a cycle that keeps repeating itself- banks change the terms of the loans, payment stay "the same", value goes through the roof, taxes follow.... blah blah blah on to infinity.

Something will be changing within 2 years now. 
 
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