All homeowners are obliged to pay property taxes. But how much do we really know about property taxes? Why is it important that we understand them? We all know that this tax depends on the value of the property and the tax rate at that time. However, are there different types of the said taxes? What other essential information we need to know about them?
What is a property?
Before we understand the taxing of properties, it important that we understand what it is. There are two major categories of property. These are the real and personal. There are many definitions of the real and personal property. However, they can easily be distinguished. Real properties include land and any immovable features installed on it. Examples are houses, apartments and shopping centers. If you want to get some advice about tax value then you can visit at www.nettlesco.com/.
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The personal properties on the other hand are those that do not fall under the real category. These are any items that are not attached on the land. These are normally mobile. Examples of these are livestock, cars and computers.
However, this can be further categorized into tangible and intangible. Those under tangible category are those that are physically available just like the above examples. On the other hand, those that fall under the intangible category are those that do not have physical attributes just like copyright and patents.