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Business Property Tax

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What is Business Property Tax?

Business property tax, or “business personal property tax”, is a tax that is applied to the various properties used in operating a business. These may include: furniture, equipment, machinery, fixtures, and other business items. In general, the business personal property tax doesn’t include land, buildings, or inventory (these may be addressed through separate business tax forms).

It’s important that all property owned by a business be accounted for and properly inventoried. This will help keep the business in order, and will help eliminate any mistakes, errors, or oversights when it comes to business taxes.

What Are Some Other Types of Business Taxes?

Besides business property tax, there may be various other taxes that are required for the business. These can include: excise taxes (for sales of goods), franchise taxes, corporate taxes, and others.

In addition, some forms of businesses may be subject to very specific business property tax laws. For instance, small business tax laws may address issues that are very specific only to small businesses. In fact, many people choose to create a small business in order to take advantage of the various business tax incentives associated with that particular type of business form.  

What if Business Property Taxes Aren’t Paid?

Failing to pay business taxes is a major violation that can have serious consequences for the business and the business owner. It may lead to legal penalties such as a fine or a suspension of business license. In serious or intentional cases of non-payment, there may also be criminal sanctions involved.

A major problem with business property taxes is that they can sometimes be overlooked. For instance, errors in accounting can often be repeated every tax season if they aren’t checked the first time. Thus, it’s important that business tax laws be made clear for owners/operators, and that they seek legal assistance if they need clarification regarding a particular tax law.

Do I Need a Lawyer for Help With Business Property Taxes?

Keeping up with business property taxes can be a very important part of running a successful business. You may wish to hire a lawyer if you need assistance with business taxes, especially business personal property taxes. Your attorney can provide you with legal information and advice on how to ensure that your business taxes are being handled properly. Also, if you need to file a claim or a lawsuit in court, you may need to hire a lawyer for representation during the court meetings. 

Photo of page author Peter Clarke

, LegalMatch Content Manager

Last Modified: 09-27-2013 11:04 AM PDT

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