What is the difference between personal and real property taxes?

The main difference between personal and real property taxes is the type of property being taxed. Personal property taxes are taxes imposed on individual personal assets such as vehicles, boats, and furniture, while real property taxes are taxes imposed on real estate, such as land and buildings. In North Carolina, personal property taxes are collected by the county where the property is located and are based on the appraised value of the item. Vehicles are assessed at a rate of $36 per $1,000 value, and boats are assessed at a rate of $25 per $1,000 value. Other items of personal property may be assessed at different rates as well. Real property taxes are collected by the city and/or county and are based on the market value of the property. Real property taxes are assessed at a rate of $0.50-2.00 per $100 value, and the rate varies from county to county. In general, personal property taxes tend to be lower than real property taxes because personal property is not as valuable and therefore less expensive to tax. However, personal property taxes can be expensive if you own a lot of property or have expensive items such as luxury cars and boats. Overall, personal property taxes and real property taxes can be difficult to understand and the amounts owed can be complicated to calculate. If you have any questions about property taxes in North Carolina, it is best to consult with a qualified tax specialist.

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What is the difference between personal and real property taxes?

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