How_do_I_calculate_personal_property_taxes_

How do I calculate personal property taxes?

Calculate personal property taxes to determine the amount of tax owed on taxable personal property, such as business equipment, machinery, vehicles, or other assessable assets. Calculating personal property taxes applies the appropriate assessed values, exemptions, tax rates, and levies to ensure taxpayers are billed accurately. This process supports tax collection, financial reporting, and compliance with local tax regulations.

Examples:

  • Calculate taxes on business equipment reported by a local business.
  • Determine the tax owed on leased or owned personal property.
  • Apply exemptions or adjustments before calculating the final tax amount.
  • Verify tax amounts before generating personal property tax bills.
  • Recalculate taxes after assessment changes, corrections, or appeals.

 

By calculating personal property taxes, you help ensure tax bills are accurate, account balances reflect the correct liability, and tax revenues are collected according to established requirements.

Note: The routine uses the tax district and tax codes that have been assigned to the personal property, you can use Modify Existing Personal Property to view or change the assigned tax district and tax codes.

 

Calculating personal property taxes

1. Open Connect Property Tax Collection > Personal Properties > Calculate Personal Property Taxes.

The current period is the current year from January to December. The current period is the default period for this routine.

2. Enter the Billing Date.

This is the date the routine will use to record the personal property tax transactions that will be created when you click GO.

Note: Use the Selection Criteria to filter personal property taxes by account, taxing district, or tax code.

3. Set up the option Create Zero Amount Transactions.

Create a transaction for a zero amount for properties that are 100% exempt or have a taxable value of zero. When the checkbox is not selected, the routine will not create any zero amount transactions.

 

4. Click GO (CTRL+G).

The personal property taxes calculate.

    • Related Articles

    • How do I calculate interest?

      Calculate interest to determine the additional amount owed on unpaid or delinquent taxes. Interest is typically assessed when taxes are not paid by the due date and helps compensate the taxing authority for the delayed payment. Calculating interest ...

    • How do I link a taxing district to a property?

      Link a Taxing District to a property to ensure the property is taxed by the correct jurisdictions and tax rates. The taxing district determines which taxing entities, levies, and assessments apply to the property, allowing the system to calculate ...

    • How do I calculate penalty? (Owners)

      Calculate penalty on a taxing district to determine the additional charges that should be applied to delinquent taxes within that district. Penalties encourage timely payment of taxes and help ensure compliance with established payment deadlines. ...

    • How do I calculate abatement credits?

      Calculate a tax credit to reduce a taxed amount. An abatement is an amount that is abated, or reduced, from the full amount of a tax. Tax credits can partially reduce a taxed amount. Tax credits can be refundable or non-refundable. The tax payer will ...

    • How do I view the current certified rate? (Real Property Inquiry)

      View the Current Certified Rate to review the officially approved tax rate that is being used to calculate property taxes. The certified rate helps ensure tax calculations are accurate, supports verification of levy amounts, and provides transparency ...