The tax is calculated by multiplying the assessed value of the property by the personal property tax rate of the city or town. Personal property is assessed separately from real estate where it is located.

Massachusetts General Laws Chapter 59, Section 18 It is assessed tax separately from real estate, but is taxed at the same rate. The tax rate for Fiscal Year 2025 was set at $11.15 per thousand dollars of value. Personal Property is taxable in the municipality where it is situated on January 1st of that year.

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.

Massachusetts levies an excise on each vehicle at the rate of $25 per $1,000 of valuation.

The average effective tax rate in Middlesex County is 1.24%.

Where to Report Personal Property on Your Taxes. Claim the itemized deduction on Schedule A – State and local personal property taxes (Line 5c). Taxes you deduct elsewhere on your return — like for a home office or rental — don't qualify for this deduction.

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.

Examples of tangible personal property include vehicles, furniture, boats, and collectibles. Digital assets, patents, and intellectual property are intangible personal property. Just as some loans—mortgages, for example—are secured by real property like a house, some loans are secured by personal property.

No - business corporations are subject to personal property tax on ma- chinery used in the conduct of business, with some limited exceptions detailed below. Corporations are also subject to local taxation on poles, underground conduits, wires & pipes (generally owned by utilities or manufacturers).

Personal Property - Any property other than real estate. The distinguishing factor between personal property and real property is that personal property is movable and not fixed permanently to one location, such as land or buildings.

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All owners of taxable personal property are required, annually, to file a Personal Property Declaration Form M-15. A single personal property assessment is made for all taxable personal property of the owner located in the city or town. 2.If I move out of Middlesex County or sell an item of personal property, will my tax bill be prorated? Middlesex County does not prorate personal property. The COUNTY OF MIDDLESEX Commissioner's Office offers convenient and secure online search services. The tax balances on the online search system are maintained. Exemption applications must be filed with your local assessor's office. See our Municipal Profiles for your local assessor's mailing address. Property Tax Reimbursement Forms (PTR) May Be Filled Out on the Following Days and Times. Taxpayers should use these forms and guides to apply for local tax abatements and exemptions and file property returns.

Personal Property Business Form With Tax In Middlesex

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