Personal property depends on a surprisingly simple test: Can you physically move it? The outcome of that test determines the distinction between real property and personal property, which in turn has real implications for taxation.

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

For property tax purposes in Arizona, personal property is defined as all types of property except real estate. Taxable personal property includes property used for commercial, industrial, and agricultural purposes. Personal property is considered to be movable and not permanently attached to real estate.

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.

DEFINITION of 'Personal Use Property' A type of property that an individual does not use for business purposes or hold as an investment.

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.

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You must be licensed and pay tax if you are located in Phoenix and you lease, rent, or license for use tangible personal property. Taxable personal property includes property used for commercial, industrial, agricultural purposes and manufactured housing.Use the General Property Index in the Valuation Tables and Index and Sample. Valuation Table 1, provided below this example. Generally, all sales of tangible personal property are taxable. HomeQwik provides full-service property management and investment services to owners and investors in Phoenix and the surrounding areas. As of the 2023 tax year, Arizona has a flat income tax rate of 2.5 percent. Have a client ready to buy or sell a home in Phoenix, Arizona? The owners of our firm have specialized in Real Estate in the Phoenix Valley for over 25 years. Homeowners and renters are missing out on millions of dollars in tax relief.

Personal Use Property Examples In Phoenix

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