If you are new in the real estate world, you might be somewhat confused by all taxes assessed. For many people, the words 'property tax' and 'real estate tax' sounds like they are the same, but there are some significant differences. Let's see them.
Real estate tax is based on the value assessed by property. They are assessed on property and personal funds collected by the local government. Real estate tax is what we often hear about funds and pay road repairs. If you want to know more about the property taxes then you can visit at https://www.nettlesco.com/.
Image Source: Google
Property tax has two sub-categories. There must be a real property tax which is a real estate tax, but there is also a private property tax. Think of real properties as something that cannot be moved. These are things like home, external garage, building storage, or warehouse.
Private property is defined as things that can be moved, such as furniture. This tax is sometimes called excise tax. Your car is also privately owned. Believe it or not, but the cost of the license you pay for your car is a type of private property tax. If you have a business that repairs goods or sell merchandise, the inventory is private property. In many cases, you are released from taxes at $ 50,000 or the first $ 100,000 inventory, depending on your country.