Personal property tax

Willemjm

Willem
Corporate Member
Interesting, got a notification from Moore county yesterday to list all the machinery in my shop plus my tractor and implements, plus supplies.

They want to charge me personal property tax.

News to me, never knew that was a requirement?
 

Pop Golden

Pop
Corporate Member
Having worked long ago in the tax business. Unless things have changed a great deal personal property is exempt. I worked in Gaston not moore county.

Pop :(
 

sandfarm

Joe
User
Unless the rules have changed. Here in Alamance County any non income farm equipment is exempt. I am not sure about woodworking machinery non income or income.
 

Oka

Casey
Corporate Member
When I lived there, they did have some "funny"tax rules. In Hawaii, it is easy, they just tax you for everything ;) :p
 

Mrfixit71

Board of Directors, Treasurer
Rich
Staff member
Corporate Member
In Chatham county, I had to file for property (personal) used in my business, and separately for personal property (non-business). If tractor was not used in the business, I didn't need to list it. The trailer I haul it on has a multi-year license plate and I have to list that as non-business personal property. Not sure how your business is structured and whether you depreciate your equipment or not. I let my CPA fill out the form for the business so it only showed the depreciated value for each piece of equipment.
 

drw

Donn
Corporate Member
Willem, prior to retirement my wife use to do tax work. I read your post to her and she indicated that since you are in "business" the property associated with the business is subject to taxation. You may want to consult a CPA.

On a different but related issue, when I built an addition onto my last house for my shop, I called the insurance company to make sure the new shop, and all the tools in the shop, were covered by my homeowners policy. I was told that as long as the shop was used as a hobby it was covered, but if I sold any of the products from the shop it was considered a business and that I would need a different insurance policy.
 

Willemjm

Willem
Corporate Member
I followed instructions and listed as requested. We registered a new DBA in November, website link below. That is how they got me. Someone must have visited my properly, as they found my tractor with all its implements. I use it as a forklift so I guess better to be honest as it is part of tax depreciation.

www.sandhillscustom.com
 

CrealBilly

Jeff
Senior User
I followed instructions and listed as requested. We registered a new DBA in November, website link below. That is how they got me. Someone must have visited my properly, as they found my tractor with all its implements. I use it as a forklift so I guess better to be honest as it is part of tax depreciation.

www.sandhillscustom.com
Yep, when I lived in NC they got me the same way. Though I had to start charging sales tax and send the check along with a page from the coupon book into the state every month. I don't ever recall a tax on my equipment. Though there very well may have been IDK... I used a CPA for year end taxes for the business. It was a total PITA, having to keep recipes and a log book for the truck.
 

junquecol

Bruce
User
One of the reasons I decided to close my business was having to charge sales tax on my labor to my customers. It amounted to a 7.25% income tax surcharge as I was a sole proprietor. I had already paid sales tax on vehicle costs, gas( heating), electricity, lodging and meals on business, etc., all of which were paid for by my labor. This amounted to double taxation. Every year I get a notice telling me I didn't list two trailers which have multi year tags on them. But due to their age, there is no property tax due. Also told I didn't list a boat and trailer that I sold TWO YEARS ago. Both trailer and boat are listed in another county under new owners name. When I was working, due to business losses, and wife out on disability we were elidgible for tax relief for 13 years, which no one told use about. Only amounted to a little over fifteen grand over those 13 years. There was no going back and recouping it either. Now in NC, you get to pay taxes on funeral expenses.
 

Oka

Casey
Corporate Member
Bruce, so true, when my dad was old he told me to cremate him as the tax was 75.00 dollars vs 1500 dollars tax for a burial. Death and taxes are a constant.
 

chris_goris

Chris
Senior User
I followed instructions and listed as requested. We registered a new DBA in November, website link below. That is how they got me. Someone must have visited my properly, as they found my tractor with all its implements. I use it as a forklift so I guess better to be honest as it is part of tax depreciation.

www.sandhillscustom.com
Id be curious to know how much the taxes are on such equipment. Please keep us posted and how they value this equipment.
 

Pop Golden

Pop
Corporate Member
North Carolina seems to be tax nuts. A good many years ago I wanted to register a trademark. The cost in NC = $75. In S.C. = $25, The same in GA, TN, AL, only VA & FL were higher both $45. The government in this state long ago was set up for wealthy mill barons. The regular little guy or gal ant' got a chance.

Pop :(
 

junquecol

Bruce
User
Bruce, so true, when my dad was old he told me to cremate him as the tax was 75.00 dollars vs 1500 dollars tax for a burial. Death and taxes are a constant.
Actually death doesn't get worse every time the legislator meets.
 

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