So this year was the first year of wife's small business in EBR. She has an office that she leases. Well today we get a notice for a "personal property" tax that was due December 31st. It claims she has $240 of personal property and owes $29 on it. I "think" this is real but had never heard of such thing. I have questions.

1. Is she going to get taxed $29 annually on the same $240 worth of equipment?

2. Where the hell did this $240 come from.

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Posted by Jimmy2shoes

The South

Member since Mar 2014

11004 posts

Posted on 1/9/17 at 8:33 pm to BeerMoney

That's tax on equipment & furniture. When did the business start? The tax man send you a form to report what you have in April.

I thought property tax was delayed due to flood?

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Posted by MadDoggyStyle

Member since Feb 2012

3857 posts

Posted on 1/9/17 at 9:48 pm to BeerMoney

This is ad valorem tax. It is tax paid on the value of the furniture, office equipment, etc in your office. Some guy showed up at our office years ago and wanted to "look around". I followed him around quizzing him and he kept telling me he would rather be alone. Screw that, I had no idea who he was and what ad valorem tax was for.

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Posted by thatguy777

Member since Feb 2007

2393 posts

Posted on 1/9/17 at 10:21 pm to BeerMoney

There is a credit for this. Inventory tax credit

ETA if it's not product to be sold you aren't supposed to get the credit but I hear of businesses putting all of that type of thing on inventory and getting the credit for it

This post was edited on 1/9/17 at 10:23 pm

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