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Implement Alley Discussion Forum

Tangible Tax on Tractor/Implements

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ClemBert

03-16-2005 14:22:49




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I was wondering how many of you live is states that require filing an annual tangible tax return on your equipment. How much is the tangible tax rate. Specifically, is there anyone in Florida that can fill in the details? Info on other states would be welcome too. Thanks!




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Dave H (MI)

03-17-2005 17:27:20




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 Re: Tangible Tax on Tractor/Implements in reply to ClemBert, 03-16-2005 14:22:49  
Clem - Michigan had an INTANGIBLES tax a few years back but not specifically a tangibles tax.
What we do have is a personal property tax which is assessed only on businesses. It is like a real estate tax, except that it covers equipment and furnishings. Licensed motor vehicles are exempt. I do not know offhand if farmers are exempt or not. PPT forms are due the beginning of every February. Rates most likely vary by county and the assessor puts the value on the taxable items.

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matthies

03-16-2005 20:20:47




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 Re: Tangible Tax on Tractor/Implements in reply to ClemBert, 03-16-2005 14:22:49  
I bought a sickle mower years ago and the county wanted me to pay taxes on it. I bought it to mow the road ditches on my mother's farm when I lived with her and I didn't farm any ground. The second year after I didn't pay they sent a reminder letter, so one day when I was at the courthouse I asked them about it. They said I needed to pay the amount, I asked them if they wanted the road ditches mowed, they said yes. I told them I wasn't going to mow the ditches and pay the tax. I think it ended with them noting that I cut the mower for iron and they forgot about it.

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kyhayman

03-16-2005 18:46:46




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 Re: Tangible Tax on Tractor/Implements in reply to ClemBert, 03-16-2005 14:22:49  
I believe that is one of the few things KY chooses not to tax. Actually, we in farming get a lot of tax breaks here compared to what I hear in other states. They do tax most everything else..... ... the dog, the cat, the house, accounts receivable, accounts payable, stocks and bonds if you posess the actual certificate, the car, paycheck (city and county too), insurance, utility bills, cash money (but not bank deposits), etc. They even tax dyed farm diesel unless you dig through the bowels of the www and get a form to get it refunded. So here, tangible is pretty safe, real is taxed at ag value, but intangible is hit hard.

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