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Contract for the Lease of Personal Property

Personal Property Statement With No Class Life In Montgomery

Category:

Leases - Contracts

State:

Multi-State

County:

Montgomery

Control #:

US-00123

Format:

Instant download

Description

This form is a contract for the lease of personal property. The lessor demises and leases to the lessee and the lessee takes and rents from the lessor certain personal property described in Exhibit "A".

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FAQ

Everything that is not real estate is personal property. Personal Property is property not permanently affixed to or part of the real property, such as furniture, fixtures, and/or equipment. Everything that is not real estate is personal property.

Personal Property Personal belongings such as clothing and jewelry. Household items such as furniture, some appliances, and artwork. Vehicles such as cars, trucks, and boats. Bank accounts and investments such as stocks, bonds, and insurance policies.

Deductible personal property taxes are those based only on the value of personal property such as a boat or car. The tax must be charged to you on a yearly basis, even if it's collected more than once a year or less than once a year.

Responsibility for the assessment of all personal property throughout Maryland rests with the Department of Assessments and Taxation. Personal property generally includes furniture, fixtures, office and industrial equipment, machinery, tools, supplies, inventory and any other property not classified as real property.

If you are over 65 years of age, or permanent and totally disabled (regardless of age), or blind (regardless of age), you are exempt from the state portion of property tax. County taxes may still be due. Please contact your local taxing official to claim your homestead exemption.

Personal-use property is not purchased with the primary intent of making a profit, nor do you use it for business or rental purposes.

Tangible personal property includes material items such as machinery and equipment, tools, furniture and fixtures, and other items used in a business activity. Tangible personal property is taxable to businesses for Alabama property tax purposes.

Personal use property is used for personal enjoyment as opposed to business or investment purposes. These may include personally-owned cars, homes, appliances, apparel, food items, and so on.

Total property taxes in Montgomery County vary from 7.5 to 12.5 depending on location. Schools, regardless of district have a set rate of 10. For homeowners outside the city of Montgomery, there is an additional tax of 5.0 mills for fire protection (except for Pike Road).

More info

Personal property is considered Class II property and is taxed at 20 percent of market value. A complete itemized listing of all personal property owned on October 1 must be provided to the appropriate assessing official.Exemption applications must be filed with your local assessor's office. See our Municipal Profiles for your local assessor's mailing address. The Personal Property Division information page of the SDAT Web site contains links to forms and instructions, brochures, exemptions, tax rate charts and more. We'll walk through a short guide to how to prepare the property statement. File the return with the Property Valuation Administrator (PVA) in the county of taxable situs. See pages 11 and 12 for a complete listing of mailing addresses. Enter the current fair market value of all other personal property owned but not included in any of the previous sections (i.e. Furniture, jewelry, etc.).

Personal Property Statement With No Class Life In Montgomery

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