There are many things that we have to pay taxes on in our lives. We have to pay taxes on our income, the food we eat, the goods that we buy and much more. One area that we pay taxes on that could be confusing is real estate and personal property. Often, real estate taxes are referred to as property taxes. What some people may not know is that there are also personal property taxes. These two things aren’t the same. Mark Dicus & Company is here to explain the difference between real estate taxes and personal property taxes.
What Type of Tax is Placed on Real Estate?
Even though taxes don’t have to be difficult to handle, there are some things that can be confusing. One of them is real estate tax. The amount of money you pay is determined based on the property assessment that values your home. Following is a breakdown of what real estate taxes are going to be paying for.
– Schools: The real estate taxes that you pay are going to make sure your child’s school or the schools that are in your area get the money they need to cover any repairs and the teacher’s salary. Sometimes, real estate taxes also cover any new schools that are being built.
– Public Safety: Public servants like the police force, EMTs, firefighters and others are paid using your real estate taxes as well.
– Public Spaces: Not only are schools in your area covered by the real estate taxes that you pay, but the public spaces like parks and trails are also covered. This money is used to keep up these areas and make improvements.
– Streets: The streets that you drive on are also covered with these tax dollars. New streets are built, and old ones are repaired.
– Sanitation: Any street sweeping or other sanitation services to keep your community neat and tidy will be paid for with your real estate taxes.
– Public Buildings: Public buildings like animal shelters and libraries will get funding from your tax dollars as well.
What is Personal Property Tax?
While personal property taxes sound like they may have something to do with your real estate or your property taxes, they aren’t the same thing. Personal property taxes are different based on the local guidelines for where you live. One example of personal property taxes includes the taxes you pay to register your vehicle each year. These are figured on a local level and have nothing to do with your real estate. They will be made for things like vehicles, transportation and business equipment.
Tax Services, Bookkeepers, Accountants & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
If you have questions about your taxes and getting them ready, you can call on Mark Dicus & Company to help ensure you’re questions are answered. We have extensive experience in preparing taxes and can help you make sure yours are done right. Call us today!