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Page 30 of 31 |
Is all property taxed? |
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A basic rule of property taxation is that all real and tangible personal property is subject to tax unless specifically exempt. Exemptions take many forms. Some are based on different criteria: the use to which the property is put (e.g., religious, charitable), its ownership (e.g., household goods). Sometimes exemptions are greater by a state and local government in order to attract new businesses or to encourage certain social directions (e.g., low-income housing, historic property rehabilitation).
Some localities provide full relief from taxation for various classes (e.g., personal property, business inventory) while others partially reduce the taxes by varying dollar amounts or percentages (e.g., homestead or homeowners’ exemptions). Several give some exemption to persons over age 65 or to veterans. Some exemptions apply to taxes levied for county city, town and school purposes, while others apply only to certain municipal levies. Some, such as those for government property, are mandated by state law, while others are subject to local option (e.g., exemption for senior citizens in a school district). |
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