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County Business Personal Property Tax Return

Discussion in 'Business Operations' started by slimart01, Aug 21, 2007.

  1. slimart01

    slimart01 LawnSite Member
    Messages: 95

    The county recently sent me a form to fill out for Property taxes.

    The information it is looking for is
    1. Total Acquisition Cost

    2.Less: Income Depreciation
    (accumulated depreciation not to exceed 90% for each item)

    3. Net Depreciated Value
    (the net depreciated value must include at lease 10% of each item)

    Any help with filling out this form would be most appreciated.
  2. echeandia

    echeandia LawnSite Bronze Member
    Messages: 1,131

    1 What did you pay for the item (including taxes and any acquisition costs (ex. buyers premium from auction))?

    2. How much did it depreciate? (must be less than 90%, if it is more, then it is just an expense so don't list it)

    3. 1-2

    The items listed include all of your capital equipment; mowers, trucks, computers, etc. Call the county or your accountant for specifics.
  3. KTO Enterprises

    KTO Enterprises LawnSite Bronze Member
    Messages: 1,286

    I see we have another south carolinian that pays property tax on equipment. We are getting it in the pooper.

    Echandia is right on the money. Take total acquisition cost, subtract depreciated amount, and that is what the state will tax you on.

    In south carolina its best to take full depreciation the first year (90%).

    Ive gotten to the point I dont write equipment off just to avoid the property tax.
  4. lawnman_scott

    lawnman_scott LawnSite Fanatic
    Messages: 7,547

    Since I live in FL all I have to add is that you should think about this if your a voter. A great example why voting for a county commisioner is way way more important than voting for a president.
  5. KTO Enterprises

    KTO Enterprises LawnSite Bronze Member
    Messages: 1,286

    After 3 county business license fees, 2 truck taxes, 4 trailer taxes, and equipment taxes, I spend the first 1,500 of the year on property taxes and business licenses.

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