Personal Property On Financial Statement In Arizona
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For property tax purposes in Arizona, personal property is defined as all types of property except real estate. Taxable personal property includes property used for commercial, industrial, and agricultural purposes. Personal property is considered to be movable and not permanently attached to real estate.
Personal property refers to movable items that people own, such as furniture, appliances, or electronics. Personal property can be intangible, like digital assets, or tangible, such as clothes or artwork.
This exemption amount is determined annually by the Arizona Department of Revenue per A.R.S. § 42-11127(C). Note: the Statutory Exemption is $248,691 in 2024.
Qualifications. Age: At least one property owner must be the minimum qualifying age of 65 at the time of application. Residence: The property must be the owner(s) primary residence. A "primary" residence is that residence which is occupied by the property owner(s) for an aggregate of nine months of the calendar year.
The business personal property tax exemption for tax year 2024 is $248,691. The dollar amount of this exemption is increased annually.
Arizona allows a $4,748 Assessed Value property exemption to Arizona resident property owners qualifying as a widow/widower, or a person with total and permanent disability, or a veteran with a service or non-service connected disability.
Personal use property is used for personal enjoyment as opposed to business or investment purposes. These may include personally-owned cars, homes, appliances, apparel, food items, and so on.
For other personal property, include boats, trailers, jewelry, furniture, household goods, collectibles, clothing, etc. For other assets, include equity interest in other businesses, trusts, investments, etc.
Personal-use property is not purchased with the primary intent of making a profit, nor do you use it for business or rental purposes.