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Home / Services / Calculators / Newsletter / Archives Personal Property Tax Currently, businesses pay Personal Property Tax on 23% of the value of their inventory. Beginning in 2005, the assessment rate will be reduced by 2% each year if the total statewide collection of tangible personal property for the second preceding year exceeds the total statewide collection for the third preceding year. New manufacturing equipment currently is taxed on 25% of its true value. True value for new equipment ranges from 90% to 95% of cost. Under the new law, true value will be calculated at 15% to 20%. This is to be phased in over ten years. For 2004 and later, businesses with tangible personal property with a taxable value of less than $10,000 will no longer be required to file Personal Property tax returns.
(July, 2003 Newsletter)
James E. Newland, CPA 939 Center Road Eastlake, Ohio 44095 440-951-9799 |
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