The Ultimate Personal Property Tax Quiz

The Ultimate Personal Property Tax Quiz
Image: iStockphoto.com/lorraine kourafas

About This Quiz

Just when you thought there weren't any more taxes you could pay, here comes the personal property tax. Did you know that, depending in which state you live, you could be liable for taxes on your dog?
Personal property taxes are_____taxes.
local
state
either of the above
Personal property taxes can fall under the jurisdiction of county or state taxes, depending on where you live. Only certain states tax personal property and the type of property subject to property tax varies from state to state.

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In the past, you may have paid personal property tax on:
your dog
Believe it or not, in Minnesota until the 1960s, you would have paid property taxes on cattle and farming equipment and on your beloved dog, as well.
your wife
your kids

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Personal property taxes are usually assessed as a percentage of the _____ of an item.
value
If you buy an expensive new car, be prepared to pay a high personal tax, since personal property taxes are usually a percentage of the vehicle's value.
cost
price

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In some states, property tax only applies to:
farms
businesses
In some states, only businesses are liable for property tax. Any property that can be removed from a business's premises without damage to it, such as office furniture, can be taxed as personal property.
rich people

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In a state with personal property taxes, farmers might have to pay such a tax on:
their livestock
If you are a farmer in a state with personal property taxes, your land and barn are taxed under real estate property taxes, but you might also have to pay personal property taxes on your livestock and farming equipment.
their barn
their house

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The amount of personal property tax an individual or business owes is determined by the:
tax department
tax law
tax assessor
The tax assessor determines the value of an item for the purposes of taxation. The assessed value is not necessarily the same as the original price of the item.

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Which book does the tax assessor use to put a value on vehicles?
the blue book
To assess a vehicle's value, tax assessors usually use a book such as the National Automobile Dealers Association (NADA) Blue Book for cars, trucks, etc. The blue book value is what a dealer would pay to buy the item.
the green book
the black book

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A mobile home may be taxed as:
real estate
personal property
both of the above
Though a stationary home is always taxed as real estate, mobile homes, because they are not a fixed space, may be taxed as personal property in some states.

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Some states tax _____ assets, which are goods and items you can't actually own or touch.
tangible
intangible
A few states tax intangible assets such as stocks, bonds or patents.
imaginary

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Real estate property taxes are usually based on a percentage of the_____ of your property.
market value
If the market value of your home goes up, so will your real estate property tax since it's based on a percentage of the market value of your property. This is true whether the increase in market value is due to extensive renovations to your home or to the vagaries of the real estate market.
market share
market price

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You Got:
/10
iStockphoto.com/lorraine kourafas

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