This depreciation is the "holdback" element that the insurance company reduces from the replacement cost based on the age, condition and item involved. A single personal property assessment is made for all taxable personal property of the owner located in the city or town. 2.Taxpayers should use these forms and guides to apply for local tax abatements and exemptions and file property returns. The sample forms here are for reference and educational purposes only. We explained the elements of a "holdback" claim, including terms such as "Replacement Cost," "Depreciation," and "Actual Cash Value" (ACV). What is personal property tax? Massachusetts assesses a tax on tangible personal property. If your domicile contains more than one dwelling unit, you will still be liable for any personal property you own in the rental units. Assessors Frequently Asked Questions. What are Personal Property Taxes?
