Personal Property With Example In Fairfax

Category:

Leases - Contracts

State:

Multi-State

County:

Fairfax

Control #:

US-00123

Format:

Instant download

Description

The Contract for the Lease of Personal Property is a formal agreement between a Lessor and a Lessee for the rental of specified personal property, as detailed in Exhibit 'A'. This agreement typically serves a specific term and outlines the obligations of both parties, including repairs, maintenance, and indemnity clauses. In Fairfax, this form might be utilized when businesses need to lease equipment or other personal property to conduct operations effectively. Key features include clear terms around rental duration, liability for property upkeep, and stipulations for subleasing and assignment of the lease. The form requires parties to retain written records for notices and modifications, ensuring all changes are documented properly. Target audiences, such as attorneys and paralegals, can find this form useful for structuring lease agreements that protect their clients' interests. Owners and associates can refer to this document when entering into lease arrangements to understand their rights and responsibilities. Completing this form correctly helps avoid potential disputes and fosters clear communication between lessor and lessee.

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Form popularity

FAQ

What is considered individual personal property? Virginia State Code Section § 58.1-3503 defines personal property as automobiles, trucks, manufactured homes, motorcycles, recreational vehicles, boats, trailers, and aircraft.

Personal property tax relief is provided for any passenger car, motorcycle, or pickup or panel truck having a registered gross weight with DMV of 10,000 pounds or less on January 1. Qualifying vehicles must be owned or leased by an individual and be used 50% or less for business purposes.

These may include personally-owned cars, homes, appliances, apparel, food items, and so on. Personal use property can be insured against theft in most homeowners policies, but may require additional riders or carry limitations.

The owner has a distributive right to exclude others (i.e. the right to command a "fair share" of personal property). In anarchist theory, private property typically refers to capital or the means of production, while personal property refers to consumer and non-capital goods and services.

Tax Rates. The current tax rate for most personal property in Fairfax County is $4.57 for each $100 of assessed value.

What Is Personal Property? Personal property is a class of property that can include any asset other than real estate. The distinguishing factor between personal property and real estate, or real property, is that personal property is movable, meaning it isn't fixed permanently to one particular location.

The tax rate for most vehicles is $4.57 per $100 of assessed value. For properties included in a special subclass, the tax rate is $0.01 per $100 of assessed value. This special subclass includes the following: privately-owned vans used for van pools.

When a tax due date falls on a weekend, it automatically extends to the next business day. The personal property tax rate is 3.96% of assessed value for calendar year 2024. A mobile home classified as personal property is taxed at real estate tax rate at 0.854% of assessed value for calendar year 2024.