The concepts of an assessment and property tax have proven to be a point of confusion for some business owners—are they one and the same, or two different things? In fact, assessment is an integral function of the tax cycle, but taxation and assessment are two distinct things. The rationale behind the separation: It protects property owners from possible unfair treatment. As a taxpayer, that’s good for you, but there’s more you need to know to ensure you’re being taxed fairly.
According to the Tax Foundation, South Carolina ranks roughly in the middle of the pack when it comes to property taxes in the U.S. Both real property and business personal property are taxable here, though there is no tax on intangibles.
Searching for information about New Jersey’s business personal property tax? You can stop looking: The state has no business personal property tax to speak of. At least, that’s the case for the majority of New Jersey companies. Keep reading to find out if one of two exceptions might apply to you, and for some general information about New Jersey real property tax as well.
Property tax teams deal with numerous challenges throughout the course of a year, not the least of which is managing deadlines. Every season of the tax cycle has critical due dates and there’s virtually nothing straightforward about them. (Does the return due date apply to the postmark date or the date received? What if 30 days after the assessment falls on a weekend? When are installment due dates and extensions?) For tax teams working with more than a few properties in various locations, the property tax calendar can become so complex that it’s no longer plausible to keep track of it all on spreadsheets.
Topics: Property tax software
If you’re wondering about the difference between secured vs. unsecured property taxes, I’d wager a guess you live in California. Why? Because it’s the only state in the union that uses this terminology in reference to this common ad valorem tax. Everywhere else, “secured property tax” is simply called real estate tax (real estate is attached to or secured by land); and “unsecured property tax” is called personal property tax (movable property not permanently affixed to a particular location).
Topics: Unsecured property tax