What is the difference between real and tangible property taxes?

Real and tangible property taxes are both taxes that taxpayers in Oklahoma have to pay. However, the two are slightly different. Real property tax in Oklahoma is the tax imposed on land and any type of immovable structure attached to it. This includes both residential and commercial properties such as houses, apartments, office buildings, and warehouses. This tax is usually determined by the assessed value of the property. Tangible property taxes are imposed on a wide range of personal possessions. This includes things like cars, boats, furniture, and jewelry. The taxable value for tangible property is determined by taking the original purchase price and subtracting any depreciation due to age or condition. In Oklahoma, both real and tangible property taxes are administered by the county treasurer. However, the county assessor sets the taxable value for both types of taxes. Furthermore, the rate for real property is usually much higher than the rate for tangible property. In summary, real property taxes are imposed on land and attached structures, while tangible property taxes are imposed on personal items. In Oklahoma, both types of taxes are administered by the county treasurer, but the county assessor sets the taxable value, and the rate for real property is usually higher than for tangible property.

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What is the difference between real and tangible property taxes?

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