In some states consumers can expect to pay property taxes on their homes as well as on their personal vehicles. That’s right, your 2004 BMW 760i is a taxable commodity in some areas and it could be a bigger tax then what you should pay. Are you paying the fair amount of taxes on your vehicle or are you paying too much? Read on and we’ll take a look at how you can trim your automotive tax bite.
State law will differ, but if your state is one that taxes automobiles you can expect a significant hit every year, especially if your vehicle’s real value is up there. There are two kinds of property taxes out there: real property which includes homes, land, and the like and personal property which includes your car, truck, van, and SUV. In some states trailers and boats are also considered taxable real property, so your annual bite could even be greater.
Again, you must learn how your state decides its tax rate on your vehicle as it could spell the difference in what you pay every year. While your BMW may be valued at $33,550 you know that its real value is far less as you used your car extensively for business trips. With 167,000 miles on the odometer, your BMW is likely worth close to $18,000 with that high mileage taken into consideration.
While real property tax assessments are not updated annually, your personal property tax assessment should be. Thus, every year you own your vehicle, your trailer, or your boat, its value will decline. So, unless a state or county wide tax assessment has been conducted, you can expect to see your taxes drop every year on your existing personal property.
You can save money in your jurisdiction if the state determines that your personal property is assessed at is “true value in money.” This means that if you were to sell your car, it would get “X” amount on the market.
So, if this should be the case where you live, can you reduce your BMW personal property tax burden? According to local law you should be able to do so. Therefore, find out how you can appeal your taxes and what you must do to obtain a reduction. It may involve simply bringing your car to the tax office and letting a tax representative check your odometer. If it is as easy as that, then you can expect to receive a nice reduction in personal property taxes on the spot.
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