Tangible property tax - Page 3
Close
Login to Your Account
Page 3 of 7 FirstFirst 12345 ... LastLast
Results 41 to 60 of 134
  1. #41
    Join Date
    Jan 2002
    Location
    West Coast, USA
    Posts
    8,480
    Post Thanks / Like
    Likes (Given)
    573
    Likes (Received)
    6015

    Default

    Quote Originally Posted by Garwood View Post
    You don't need to go anywhere. Just change the language you use to describe your business from "business" to "church"

    Don't know to what it's extent it's true, but apparently wealthy Chinese and others hoping to diversify were buying land in California as religious organizations, thus avoiding taxes (including property taxes). So property that once might have helped pay for better schools ended up being taken off the tax rolls. Idea was to hold the land tax-free, wait for it to appreciate, then sell.

    Similar tax dodges throughout our system.

    Could be someone is claiming that machining virgin material from parent billet - the father, the son, and the holy chips - qualifies as their sacrament?? If it's satellite manufacturing, the material even goes from earth to heaven and perhaps back down again.

    I'd personally be interested to know not only which states charge tangible business property tax, but also which states do the best job in terms of education, public universities, infrastructure, etc. - things that help a business prosper.

  2. Likes Garwood liked this post
  3. #42
    Join Date
    Dec 2005
    Location
    Waukesha, WI
    Posts
    1,796
    Post Thanks / Like
    Likes (Given)
    438
    Likes (Received)
    583

    Default

    Quote Originally Posted by as9100d View Post
    Your state does not exclude you from TPP.

    Sent from my Pixel 3 using Tapatalk
    Businesses have to pay personal property tax in Wisconsin. I pay it every year. It’s about the same rate as real property tax something like 2 or 2 1/2 percent. From the chart I linked to in post 2 Wisconsin’s rate is very low, only New Mexico and Wyoming are lower. I had no idea you guys were paying 25 to 30%, yikes. Still, Wisconsin doesn’t do well in overall tax burden.


    Sent from my iPhone using Tapatalk

  4. #43
    Join Date
    Jan 2017
    Country
    UNITED STATES
    State/Province
    Oregon
    Posts
    3,631
    Post Thanks / Like
    Likes (Given)
    768
    Likes (Received)
    2512

    Default

    Quote Originally Posted by Garwood View Post
    You don't need to go anywhere. Just change the language you use to describe your business from "business" to "church"
    Or a trade school.

    No taxes, and the employees pay you to make the parts, lol.

  5. Likes Garwood liked this post
  6. #44
    Join Date
    Sep 2007
    Country
    UNITED STATES
    State/Province
    Washington
    Posts
    5,429
    Post Thanks / Like
    Likes (Given)
    225
    Likes (Received)
    1700

    Default

    Quote Originally Posted by adh2000 View Post
    From the chart I linked to in post 2 Wisconsin’s rate is very low, only New Mexico and Wyoming are lower. I had no idea you guys were paying 25 to 30%, yikes.
    That's not what the chart is saying, the TPP tax rate is not 20-30% in some states. That chart is showing "Personal Property as a Percentage of State Property Tax Base," not the actual TPP tax rate.

    What it IS showing though is the relative cost of real estate in different states. Machinery such as CNC machines costs the same everywhere, but property valuations, and hence property tax base, is relatively much higher in CA, WA, etc. So the fraction of the total property tax base that comes from real estate is higher in those high-valuation states. IOW, it's not that you'd be paying less TPP tax necessarily, just that you are paying so much more in real estate taxes.

    So, move to WA, buy some land out by Moses Lake, put up a crappy shop building, and stuff it with 5-axis machines . 1.2% TPP, 8% sales tax, no state income tax.

    Regards.

    Mike

  7. #45
    Join Date
    Jan 2017
    Country
    UNITED STATES
    State/Province
    Oregon
    Posts
    3,631
    Post Thanks / Like
    Likes (Given)
    768
    Likes (Received)
    2512

    Default

    Quote Originally Posted by adh2000 View Post
    Businesses have to pay personal property tax in Wisconsin. I pay it every year. It’s about the same rate as real property tax something like 2 or 2 1/2 percent. From the chart I linked to in post 2 Wisconsin’s rate is very low, only New Mexico and Wyoming are lower. I had no idea you guys were paying 25 to 30%, yikes. Still, Wisconsin doesn’t do well in overall tax burden.


    Sent from my iPhone using Tapatalk
    Is that a local tax or a State tax? Reason I ask is that link on the first page showed WI and CT as no TPP taxes.

    I pay a State and local income tax, and a TPP tax in Oregon. But the TPP rate seems relatively low, I don't know the calculation, but it seems like about 1% effective rate for me.

  8. #46
    Join Date
    Apr 2019
    Country
    UNITED STATES
    State/Province
    Arkansas
    Posts
    1,304
    Post Thanks / Like
    Likes (Given)
    573
    Likes (Received)
    494

    Default

    The fact that you're okay with pay 1% is surprising.

    We pay about 4.5% here in Arkansas

    Sent from my Pixel 3 using Tapatalk

  9. #47
    Join Date
    May 2012
    Location
    Pittsford, NY
    Posts
    1,090
    Post Thanks / Like
    Likes (Given)
    761
    Likes (Received)
    712

    Default

    New York is right up there with crazy policies. Many people made the personal sacrifice to come to NYC to help with the Covid-19 crisis. Now they have to pay income tax in NY. Even if they were on paid leave from out of state and were not paid by a NY entity.

    Fact check: Coronavirus medical volunteers will have to pay N.Y. taxes

  10. #48
    Join Date
    Apr 2019
    Country
    UNITED STATES
    State/Province
    Arkansas
    Posts
    1,304
    Post Thanks / Like
    Likes (Given)
    573
    Likes (Received)
    494

    Default

    Quote Originally Posted by wheels17 View Post
    New York is right up there with crazy policies. Many people made the personal sacrifice to come to NYC to help with the Covid-19 crisis. Now they have to pay income tax in NY. Even if they were on paid leave from out of state and were not paid by a NY entity.

    Fact check: Coronavirus medical volunteers will have to pay N.Y. taxes
    New York maybe screwed up on that regard but I will say they don't have TPP for business.

    Sent from my Pixel 3 using Tapatalk

  11. #49
    Join Date
    Jan 2017
    Country
    UNITED STATES
    State/Province
    Oregon
    Posts
    3,631
    Post Thanks / Like
    Likes (Given)
    768
    Likes (Received)
    2512

    Default

    Quote Originally Posted by as9100d View Post
    The fact that you're okay with pay 1% is surprising.

    We pay about 4.5% here in Arkansas
    I would rather pay 1% than 4.5%...

    If I seem okay with it, it's probably because I am a tiny shop and do not have huge valuations. I will pay more for telephone and internet than personal property taxes this year.

    The one that gets me more annoyed is the transit tax. This is more than my personal property tax, and I have never ridden the bus or any other mass transit, and I have no employees. But I still have to pay the transit tax, which is another income tax.

    I'm sympathetic with your desire to find a lower tax jurisdiction, I'd say make sure you look at all of the taxes together though. Not much to be gained by trading one tax for another...

  12. #50
    Join Date
    Apr 2019
    Country
    UNITED STATES
    State/Province
    Arkansas
    Posts
    1,304
    Post Thanks / Like
    Likes (Given)
    573
    Likes (Received)
    494

    Default

    Quote Originally Posted by jancollc View Post
    I would rather pay 1% than 4.5%...

    If I seem okay with it, it's probably because I am a tiny shop and do not have huge valuations. I will pay more for telephone and internet than personal property taxes this year.

    The one that gets me more annoyed is the transit tax. This is more than my personal property tax, and I have never ridden the bus or any other mass transit, and I have no employees. But I still have to pay the transit tax, which is another income tax.

    I'm sympathetic with your desire to find a lower tax jurisdiction, I'd say make sure you look at all of the taxes together though. Not much to be gained by trading one tax for another...
    1% would still be $90,000 for me. That's a bit absurd I feel.

    Sent from my Pixel 3 using Tapatalk

  13. #51
    Join Date
    May 2019
    Country
    UNITED STATES
    State/Province
    Michigan
    Posts
    1,530
    Post Thanks / Like
    Likes (Given)
    440
    Likes (Received)
    725

    Default

    Move to Michigan.

    I'm dead serious. The state wants more manufacturing in the worst way (G. Whitmer is good as gone, BTW).
    If you find the right town to take you in you can get by with almost no tax. They know the money is made by a thriving business that hires local workers. We moved into a town recently and for a business worth 5-8 million, they locked us in for less than 2K annually for 12 years. No joke. Oh, and the state subsidizes manufacturing consultants and Lean people and anything else you want....

  14. #52
    Join Date
    Apr 2019
    Country
    UNITED STATES
    State/Province
    Arkansas
    Posts
    1,304
    Post Thanks / Like
    Likes (Given)
    573
    Likes (Received)
    494

    Default

    The only problem is it's too damn cold there.



    Sent from my Pixel 3 using Tapatalk

  15. #53
    Join Date
    Sep 2002
    Location
    People's Republic
    Posts
    4,461
    Post Thanks / Like
    Likes (Given)
    434
    Likes (Received)
    2711

    Default

    I am going to agree with those that say to look at your total tax burden

    Like NH, where there is no income or sales tax, but real estate property taxes have to support so much that it can be brutal...

    or not

    or bad today, insane tomorrow

    small places in Mass do not make money on personal property taxes. I cannot speak to larger cities, I simply don't know.

    I wills say, it would not occur to me to look at personal property taxes when moving, so i am thinking there are things you are ignoring about other states.

  16. #54
    Join Date
    Apr 2019
    Country
    UNITED STATES
    State/Province
    Arkansas
    Posts
    1,304
    Post Thanks / Like
    Likes (Given)
    573
    Likes (Received)
    494

    Default

    Quote Originally Posted by gustafson View Post
    I am going to agree with those that say to look at your total tax burden

    Like NH, where there is no income or sales tax, but real estate property taxes have to support so much that it can be brutal...

    or not

    or bad today, insane tomorrow

    small places in Mass do not make money on personal property taxes. I cannot speak to larger cities, I simply don't know.

    I wills say, it would not occur to me to look at personal property taxes when moving, so i am thinking there are things you are ignoring about other states.
    Oh I have definitely looked at the bigger picture had each state that I'm looking at.

    Arkansas's income tax is 6.5%
    Tangible personal property is 4.5%
    Property taxes roughly three and a half percent
    Sales tax ranges between 8.5 to 10.5%.

    Sent from my Pixel 3 using Tapatalk

  17. #55
    Join Date
    Jul 2006
    Location
    Hillsboro, New Hampshire
    Posts
    9,307
    Post Thanks / Like
    Likes (Given)
    2205
    Likes (Received)
    6454

    Default

    Quote Originally Posted by as9100d View Post
    Oh I have definitely looked at the bigger picture had each state that I'm looking at.

    Arkansas's income tax is 6.5%
    Tangible personal property is 4.5%
    Property taxes roughly three and a half percent
    Sales tax ranges between 8.5 to 10.5%.

    Sent from my Pixel 3 using Tapatalk
    I would never have guessed that AR's tax burden was that high overall. Where does that money go? Are there services you get that are of value?

  18. Likes Ox liked this post
  19. #56
    Join Date
    Apr 2019
    Country
    UNITED STATES
    State/Province
    Arkansas
    Posts
    1,304
    Post Thanks / Like
    Likes (Given)
    573
    Likes (Received)
    494

    Default

    Quote Originally Posted by Milland View Post
    I would never have guessed that AR's tax burden was that high overall. Where does that money go? Are there services you get that are of value?
    My wife and I have been talking all day about this. We have no idea where the money goes it sure as hell doesn't go into the school system like it should. law enforcement don't even have computers in their cars and I'm pretty sure they have to supply all their own equipment.

    we've been doing some research and learning that all of the businesses around us if you're in the quote in quote crowd your taxes are extremely low like 30- $70 per year low.



    Sent from my Pixel 3 using Tapatalk

  20. #57
    Join Date
    Sep 2002
    Location
    People's Republic
    Posts
    4,461
    Post Thanks / Like
    Likes (Given)
    434
    Likes (Received)
    2711

    Default

    Quote Originally Posted by as9100d View Post
    Oh I have definitely looked at the bigger picture had each state that I'm looking at.

    Arkansas's income tax is 6.5%
    Tangible personal property is 4.5%
    Property taxes roughly three and a half percent
    Sales tax ranges between 8.5 to 10.5%.

    Sent from my Pixel 3 using Tapatalk
    fookin ouch

    time to move to massachusetts to save on taxes.....not really but waaaaaaaaaaaaaay closer than I would have thought

  21. #58
    Join Date
    Jul 2006
    Location
    Hillsboro, New Hampshire
    Posts
    9,307
    Post Thanks / Like
    Likes (Given)
    2205
    Likes (Received)
    6454

    Default

    Quote Originally Posted by as9100d View Post
    we've been doing some research and learning that all of the businesses around us if you're in the quote in quote crowd your taxes are extremely low like 30- $70 per year low.
    Interesting. It sounds like a good state to avoid if things work that way. I'm around $8K/yr for RE taxes on an acre and 6K sf building, along with another ~$1.5K for water/sewer.

    While I never used the school systems up here, I understand that they're pretty good, roads are fine (considering the freeze/thaw issues), and I otherwise enjoy NH. I was based in the Boston area before, and a building this size down there would have been much more money.

    For the occasional 1.5hrs drive when I need to drop off parts to customers there's no sales or income tax, a trade-off I'll take...

  22. #59
    Join Date
    Sep 2002
    Location
    People's Republic
    Posts
    4,461
    Post Thanks / Like
    Likes (Given)
    434
    Likes (Received)
    2711

    Default

    Its the cost of living that would kill him up here

    sell that place in Arkansas and it won't buy you a 1 br condo

    Although places in west central mass [think Orange] can be affordable, and with prop 2 1/2 they won't jack the property taxes like can happen in NH

    But even the cost of property in NH would probably blow his skirt up

  23. #60
    Join Date
    Jul 2006
    Location
    Hillsboro, New Hampshire
    Posts
    9,307
    Post Thanks / Like
    Likes (Given)
    2205
    Likes (Received)
    6454

    Default

    Quote Originally Posted by gustafson View Post

    But even the cost of property in NH would probably blow his skirt up
    Yeah, that could be an issue. But given the risk of significant Recession or even Depression, if you have available cash or credit it might be a good time to buy soon. Not to sell, of course...


Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •