Property tax on camera gear

mgrover wrote in post #7825007
Fingertip, I'm from Maine as well and I haven't heard of this. What town are you in so I know not to move there.

A lot of business people have never heard of it, but they will still owe it and penalties if they get caught, check with your state tax agency and if you are required to pay it quietly begin to do so.

MBR wrote in post #19208964
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

Yes, I left out the "Tangible"

MBR wrote in post #19208966
A lot of business people have never heard of it, but they will still owe it and penalties if they get caught, check with your state tax agency and if you are required to pay it quietly begin to do so.

One would think that in his state, if he filed business income for a photography business, there would have been a flag raised,
"Where is this business's list of taxable tangible property ownership, and taxes paid on the value of that?" because that tax expense would be listed as a deductible expense against income generated, in the calculation of business income tax owed.
The absence of that flag for missing tangible property tax would seem to indicate that state does not have such a tax.

Patrick wrote in post #7824685
Are you paying these taxes because they're related to your business or are they trying to collect taxes on everything you own. Your not paying property taxes on your T.V., DVD player, etc. are you?

In WV we have to pay property taxes on vehicles for the purpose of getting tags to drive it on the road. If you only drive it on private property, you don't need tags and therefore don't have to pay the taxes.

Technically, if you have to pay for something every month or year, you don't really own it.
When taxes get out of hand it just drives business away which hurts the local economy more in the long run far greater than the benefit of the taxes collected.

West Virginia has this tax, see https://tax.wv.gov …ax/Pages/Proper​tyTax.aspx

Wilt wrote in post #19209090
One would think that in his state, if he filed business income for a photography business, there would have been a flag raised,
"Where is this business's list of taxable tangible property ownership, and taxes paid on the value of that?" because that tax expense would be listed as a deductible expense against income generated, in the calculation of business income tax owed.
The absence of that flag for missing tangible property tax would seem to indicate that state does not have such a tax.

I'm not so sure about that, I have owned three business's in my lifetime, one a very successful electrical contracting company, that business by requirements was state licensed and had a local occupational license and I never paid a dime of TPP tax, I didn't know it existed.

Then I moved out here and pulled a occupational license and at the beginning of the next year I received a notice reminding me to file my TRR before April first or i would lose my exemption.

And it is that exemption which is why I think some counties don't try to collect TPP, if a business owner has less than $25K in TPP, they pay no tax, but they still must file, as such the county Tax Collectors office is pushing paper for the state and not collecting a dime.

ThreeHounds wrote in post #19209026
Yes, I left out the "Tangible"

Easy to do, but makes a huge difference,

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

For income tax purposes it can be depreciated, but as property it can be taxed as long as it remains in service.

HammerCope wrote in post #7826907
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.

It's usually at the state level with the county Tax Collector doing the collections for the state, out of which they get a small percentage of the tax collected.

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!

That will not work, in most areas business's are required to obtain a occupational license in the county and sometimes the city they are based in, therefroe they become liable for all local and state tax's regardless of where they are incorporated. .

Blue S2 wrote in post #7831944
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.

That only applies to federal tax's, not state or local tax's.

MBR wrote in post #19209478
For income tax purposes it can be depreciated, but as property it can be taxed as long as it remains in service.

Each class of asset has a depreciation schedule that applies irrespective of whether one used accelerated depreciation. In GA the property tax tracks those classes and decreases to some minimal value.

I have a feeling that some of the reactions are from occasional weekend warriors.

If one is a legitimate, REGISTERED business, yes, you pay a BUSINESS property tax (not a personal property tax) to either the county or the state or both.Your best bet is to talk to a tax lawyer or call your state bureau of tax and revenue.

What I have read here is sound information, but tax laws vary from state to state.

You can get pretty good directions from Google by Googling "Are there state and county business property taxes in the state of ______________ (your state here)". That's just a small part of what goes into setting up and being a legitimate business.

Leon Purvis wrote in post #19373725
I have a feeling that some of the reactions are from occasional weekend warriors.

If one is a legitimate, REGISTERED business, yes, you pay a BUSINESS property tax (not a personal property tax) to either the county or the state or both.Your best bet is to talk to a tax lawyer or call your state bureau of tax and revenue.

Actually in many states business's pay persona;l property tax and anything used in the operation of the business, excluding vehicles and real property which are taxed in a different manner.

In most states this tax is referred to as Tangible Personal Property Tax and if paid annually tot he local county tax collectors office.

CA says it expects property tax payment when the property exceeds $100k in value.

"2. What is the purpose of the Business Property Statement (BPS)?
The BPS collects information regarding business equipment, supplies and fixtures for each business location. The information an owner provides on the statement is then used to assess property in accordance with California law. The owner reports the acquisition costs of business equipment, supplies and fixtures that were owned on lien date at the address shown (location of the property). All 58 California county Assessors mail out similar statements that enable businesses to report the cost of their equipment, supplies, leased equipment, real property and improvements.
3. Who must file a Business Property Statement (BPS)?
If the Assessor sends you a BPS, the law requires that you complete, sign and return the statement to the Assessor's Office in the time period specified. Any business that owns Personal Property and/or Fixtures having a total combined cost of $100,000 or more is required to file a BPS even if the Assessor does not request that you file one. "

Wilt wrote in post #19374756
CA says it expects property tax payment when the property exceeds $100k in value.

"2. What is the purpose of the Business Property Statement (BPS)?
The BPS collects information regarding business equipment, supplies and fixtures for each business location. The information an owner provides on the statement is then used to assess property in accordance with California law. The owner reports the acquisition costs of business equipment, supplies and fixtures that were owned on lien date at the address shown (location of the property). All 58 California county Assessors mail out similar statements that enable businesses to report the cost of their equipment, supplies, leased equipment, real property and improvements.
3. Who must file a Business Property Statement (BPS)?
If the Assessor sends you a BPS, the law requires that you complete, sign and return the statement to the Assessor's Office in the time period specified. Any business that owns Personal Property and/or Fixtures having a total combined cost of $100,000 or more is required to file a BPS even if the Assessor does not request that you file one. "

Do you have a source for that? Or are you a tax accountant?