Property tax on camera gear

In Nebraska you do I think it's at the state level. Or is it the local. I'm not sure I know you do pay extra tax on your equipment every year.

All the states I have lived in works the same way as owning a house or a car, you fill out a form for assets, file it and then you receive a bill from the county that includes, both State, and County taxes, just like your car depreciates so does your camera equipment. It does suck but it is part of having a business.

Yes, tiger, that is exactly what I am dealing with.
The thing that gets me is the random aspect of it. I was in business for 10 years before I even heard of something like this, and I doubt all of my competition is paying this tax.
Most people understand when you buy a car or a house that you will have to pay taxes on it each year. But I don't think too many people plan on paying taxes on your computer and cameras every year.
For someone who is in this mostly for the fun of it, this is just plain ridiculous!

Incorporate in a state has no yearly property tax on business equipment! No one says you need to have your company based out of the state you work in!

Blue S2 wrote in post #7829299
Incorporate in a state has no yearly property tax on business equipment! No one says you need to have your company based out of the state you work in!

Good idea. You'll probably need an address in the other state though.
As mentioned before, your gear depreciates over time so your tax liability should be less every subsequent year.

digirebelva wrote in post #7824638
Come down south...where the taxes arent so high...

NO NO NO. Stay home!

Also, look into Section 179 deductions. You will be able to fully expense your equipment the first year if you fall into its set of rules. This is good if you are actually making an income. Then the only depreciation you will be reporting is for state property taxes which is much easier to deal with.

hawkeye60 wrote in post #7826779
I'm no tax expert but, you should also be allowed to depreciate the equipment every year.

Most people take the complete write off the year they bought the equipment not depreciate it.

bwolford wrote in post #7831385
NO NO NO. Stay home!

Yes I know, too many of them down here already

Thought about that after i wrote it

Yeah, I pay "property taxes" on my high end gear - you can deduct them from your regular taxes plus deduct the camera cost. The professional gear is considered a "business property" hence taxable - thankfully the rate is low.

Time to vote with your feet. Do they charge a tax on each and every possession that you own? How do they know what equipment you have?

Fingertip wrote in post #7824614
Everything is taxed. I have to document every piece of gear I own and how much I paid for it. Failure to provide the list will result in the town arbitrarily making up a figure to tax me on. The scary thing is that this is perfectly legal!

BTW, I am not just a nut who wants to avoid taxes. I was audited by the feds 2 years ago and (thanks to my wife!) was in 100% compliance. Every dime was accounted for.

How does the state deal with the fact that camera equipment has been demonstrated to have depreciated at an acceelerated rate, of -30% annually compounded...for example an $8k list price item is $4k on the used market after 2 years, and then $2k two years after that?!

Tigershark wrote in post #7827687
All the states I have lived in works the same way as owning a house or a car, you fill out a form for assets, file it and then you receive a bill from the county that includes, both State, and County taxes, just like your car depreciates so does your camera equipment. It does suck but it is part of having a business.

NOT all states tax you on equipment used in the production of income for an individual! I pay income tax and sales tax, and property tax on real estate, and in-lieu tax on car or boat based upon current value...a 10 yr old BMW has only about $50 in-lieu tax, but that is deductible from income tax computation. No personal property taxed.

Here in Florida, the county collects personal property taxes on the cameras and any equipment, property, real estate or furniture used in the business. I list the original cost as well as the fair market value for everything related. They appraise it and send me the taxable amount. The first $25k of taxable value is exempt.

Tigershark wrote in post #7824792
I pay property taxes on all my camera equipment

In Florida it's called Tangible Personal Property Tax, it is a tax on the assets a business's owns to cause their business's to operate.

For example I own a Bobcat front end loader, it has a value of $20K, I am not taxed on it because I don't use it for business, now if I put a model on it and used it as a prop technically I could be taxed for the value of the machine.

Tangible Personal Property (TPP) means all goods, chattels, and other articles of value (excluding some vehicular items) capable of manual possession and whose chief value is intrinsic to the article itself. Inventory and household goods are excluded

https://floridarevenue​.com …iblePersonalPro​perty.aspx