Results 1 to 2 of 2

Some thoughts on Property Tax

| General - Let's talk business
  1. #1
    musicman57 started this thread.
    musicman57's Avatar
    SMF Badges of Honor

    Member since
    Aug 2012
    Location
    OKLA
    Posts
    55
    Thanks
    90
    Thanked 63 Times in 27 Posts

    Some thoughts on Property Tax

    I know that the various states all have a dizzying array of property tax laws, ranging from near nothing to totally ridiculous, but if you are in a business it pays to know how they affect you. My wife is the Treasurer/Tax Collector in the county where we live. One of the things she see often is a taxpayer complaining that they are still being billed for a Mobile Home that has been sold/blown away/scrapped X years ago. It is the owners responsibility to inform the Assessor of any such changes when they occur, and here anyway, it is solely up to him to grant any relief for past years. Generally you don't get any relief, because you did not report it timely. I was reminded of this by another member's recent post about tearing down a couple of old trailers for a neighbor. Might make a few brownie points by mentioning this to any client for whom you undertake such a project.



    Another that may affect some of you as a business owner is the requirement to tell the assessor what business personal property you have to be taxed. Here it is required that business owners provide this information each year by a certain date. If the owner does not do this, the Assessor values the property based on the last information they have and tacks on a 20% tax penalty for failure to render the assessment.

    Hope someone might find something helpful in my ramblings.

  2. The Following 2 Users say Thank You for This Post by musicman57:



  3. #2
    SMF Badges of Honor



    Member since
    Feb 2012
    Location
    OK
    Posts
    5,711
    Thanks
    6,798
    Thanked 3,444 Times in 1,982 Posts
    Hahaha Music, as I read your post I was thinking how glad I was it isn't that way here, till I looked over at your state, hahaha
    Happy New Year man, from a fellow Okie

  4. The Following User Says Thank You to Bear for This Post:



  5. Similar threads on the Scrap Metal Forum

    1. IRS tax question with scrap loss
      By Pike1990 in forum General - Let's talk business
      Replies: 19
      Last Post: 04-11-2013, 08:29 PM
    2. Property clean-up??
      By Chiipinscrapper in forum General - Let's talk business
      Replies: 11
      Last Post: 11-27-2012, 05:14 PM
    3. My new e-scrap building and property!
      By msearl3244 in forum A Day in the Life of a Scrapper
      Replies: 6
      Last Post: 07-11-2012, 08:28 AM
    4. Tax man didn't know how to classify me!!
      By newattitude in forum General - Let's talk business
      Replies: 6
      Last Post: 02-08-2012, 11:01 PM
    5. Saving Those Receipts For Tax-Time:
      By DumbD in forum Scrap Metal Tips and Advice
      Replies: 42
      Last Post: 12-18-2011, 12:32 PM

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

 
Browse the Most Recent Threads
On SMF In THIS CATEGORY.





OR

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

The Scrap Metal Forum

    The Scrap Metal Forum is the #1 scrap metal recycling community in the world. Here we talk about the scrap metal business, making money, where we connect with other scrappers, scrap yards and more.

SMF on Facebook and Twitter

Twitter Facebook