If it is used in the general context there is as such no difference between both the terms. But broadly speaking there are two types of properties. .One is real and another one is personal. Real property is the right to land and right to make improvements in the land. On the other hand personal property is all the property apart from real property; which is not permanently attached and is thus movable.
Real estate taxes:
Real estate taxes are taxes that are imposed on real estate by a government for services rendered. The taxes are basically based on the relative value and worth of the property. The more expensive the property is, the higher the real estate taxes will be for that particular property. They are assessed mostly on most privately owned properties. Some communities do not impose or levy taxes on real estate property. In order to help those people who have limited income but valuable property, some jurisdictions have imposed rules to help protect some real estate taxes. There are sometimes special considerations that help to bring down the amount paid in real estate taxes, especially if it is a primary residence for homeowners.. The homeowner may be receiving a homestead exemption. In some states, residential properties occupied by the owner may be valued at a lower rate than other types of properties, such as commercial and industrial.
Personal Property tax:
It is a tax levied on an owner and every owner is liable to pay this tax. It is imposed by the Government. Governing authority where the area is located may levy such tax on the owner. It may be levied by the multiple jurisdictions as well such as federal state or municipality. The property tax rateis often given as a percentage. To make calculations for the property tax the authority multiply the assessed value of the property by the mill .An annual registration tax is imposed by every state on the owner. States are imposing taxes on vehicles owned by you through a bureau called as state’s motor vehicle bureau. In addition to it some states impose a personal property tax on other possessions, particularly if the items are being used for any business purpose. In short every property being used by owner fr generating revenues are imposed taxes on. Some of the property is also exempted by the government only.
Author Bio:-The name Sushil Ansal does not need any introduction in the field of Real estate.Sushil Ansal is an iconic figure of his field and has changed the face of Real Estate in India.The Chairman of Ansal Properties & Infrastructure LTD (Ansal API) is the driving force in establishing the brand Ansal API.Mr.Sushil Ansal has had an illustrious career spanning over 50 years.
Real estate taxes:
Real estate taxes are taxes that are imposed on real estate by a government for services rendered. The taxes are basically based on the relative value and worth of the property. The more expensive the property is, the higher the real estate taxes will be for that particular property. They are assessed mostly on most privately owned properties. Some communities do not impose or levy taxes on real estate property. In order to help those people who have limited income but valuable property, some jurisdictions have imposed rules to help protect some real estate taxes. There are sometimes special considerations that help to bring down the amount paid in real estate taxes, especially if it is a primary residence for homeowners.. The homeowner may be receiving a homestead exemption. In some states, residential properties occupied by the owner may be valued at a lower rate than other types of properties, such as commercial and industrial.
Personal Property tax:
It is a tax levied on an owner and every owner is liable to pay this tax. It is imposed by the Government. Governing authority where the area is located may levy such tax on the owner. It may be levied by the multiple jurisdictions as well such as federal state or municipality. The property tax rateis often given as a percentage. To make calculations for the property tax the authority multiply the assessed value of the property by the mill .An annual registration tax is imposed by every state on the owner. States are imposing taxes on vehicles owned by you through a bureau called as state’s motor vehicle bureau. In addition to it some states impose a personal property tax on other possessions, particularly if the items are being used for any business purpose. In short every property being used by owner fr generating revenues are imposed taxes on. Some of the property is also exempted by the government only.
Author Bio:-The name Sushil Ansal does not need any introduction in the field of Real estate.Sushil Ansal is an iconic figure of his field and has changed the face of Real Estate in India.The Chairman of Ansal Properties & Infrastructure LTD (Ansal API) is the driving force in establishing the brand Ansal API.Mr.Sushil Ansal has had an illustrious career spanning over 50 years.
nice article thanku fro sharing..
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