{"id":656,"date":"2018-03-22T08:15:33","date_gmt":"2018-03-22T08:15:33","guid":{"rendered":"https:\/\/taxreliefprofessional.com\/?p=523"},"modified":"2023-08-30T13:54:23","modified_gmt":"2023-08-30T13:54:23","slug":"whats-the-difference-between-real-estate-and-personal-property-tax","status":"publish","type":"post","link":"https:\/\/taxreliefprofessional.com\/personal-back-taxes-tax-debt\/whats-the-difference-between-real-estate-and-personal-property-tax","title":{"rendered":"What’s the Difference Between Real Estate and Personal Property Tax?"},"content":{"rendered":"\n

Tax season is here–and it’s as vicious as ever. With personal property tax issues on the rise knowing what to do hard<\/strong><\/p>\n\n\n\n

Now that you’re on your own, that means you are responsible for taking care of your taxes on time<\/a>. A part of this involves figuring out what you need to report when you’re filing.<\/p>\n\n\n\n

Two major sources of confusion include the distinctions between real estate tax and personal property tax. Taking the time to understand each can help you avoid errors when you’re filing.<\/p>\n\n\n\n

If this is your first time filing an itemized deduction, it’s important to know how and when to go about reporting these taxes. But before we get into the terms at hand, here is some background on whether or not you qualify for an itemized deduction.<\/p>\n\n\n\n

What Are Standard and Itemized Deductions?<\/h2>\n\n\n\n

Understanding the differences between standard and itemized deductions can help you decide whether or not you need to include your property taxes when filing your taxes.<\/p>\n\n\n\n

Standard deductions offer base amount that is dependent on your marital status. These kinds of deductions are recommended for individuals with a simpler tax footprint.<\/p>\n\n\n\n

In order to receive deductions for real estate and property tax, you will have to file an itemized deduction. These kinds of deductions offer a more detailed glance at the taxes you pay.<\/p>\n\n\n\n

But when should you file an itemized deduction? The decision is based solely on what your current tax situation is like. If you qualify for an itemized deduction<\/a>, it will help you receive more than the standard deduction.<\/p>\n\n\n\n

Understanding the distinction between standard and itemized deductions is important when it comes to property taxes. Knowing when to file can save you from making mistakes on your return. Refusing to file at all can have even more consequences<\/a> for you and your property.<\/p>\n\n\n\n

Now that you have an idea of how to go file an itemized deduction, we can move on to understanding the differences between real estate and personal property tax.<\/p>\n\n\n

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\n Evaluate your tax situation\n <\/h2>\n

\n By evaluating your tax situation, you can identify areas where you may be able to reduce your tax burden and make informed decisions about your financial future.\n <\/p>\n \n \n\n\n

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