Personal Property Statement Without Homeowners Insurance In Suffolk

Category:
State:
Multi-State
County:
Suffolk
Control #:
US-00123
Format:
Word; 
Rich Text
Instant download

Description

This form is a contract for the lease of personal property. The lessor demises and leases to the lessee and the lessee takes and rents from the lessor certain personal property described in Exhibit "A".


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FAQ

Personal property is "tangible" property. That means the property physically exists. Personal property is assets, goods and material objects used in the conduct of a business and is assessed separately from real estate. The assessment date is January 1 of each year.

Intangible property is a property without a physical existence. Examples of intangible property include patents , patent applications, trade names, trademarks , service marks, copyrights , trade secrets.

All motor vehicles (including cars, trucks, motor homes and motorcycles), boats, airplanes, trailers and manufactured homes garaged in the City of Suffolk are subject to personal property taxes.

The tax is calculated by multiplying the assessed value of the property by the personal property tax rate of the city or town. Personal property is assessed separately from real estate where it is located.

For tax year 2024, Massachusetts has a 5.0% tax on both earned (salaries, wages, tips, commissions) and unearned (interest, dividends, and capital gains) income. Certain capital gains are taxed at 8.5%.

Yes. Owners of motor vehicles are assessed a motor vehicle excise or personal property tax each year. At one time, owners of motor vehicles were assessed a personal property tax by their city or town. Most vehicles are registered, however, so in 1928, G.L.

The tax rate is determined by dividing the net appropriations raised at town meeting by the taxable valuation of the Town. This rate is defined on a per thousand dollar basis and is then multiplied by the assessed full and fair valuation of property.

How are excises calculated? Massachusetts levies an excise on each vehicle at the rate of $25 per $1,000 of valuation. City or town assessors can access information on a vehicle's value from a database of valuation figures.

What is considered personal property for local property tax purposes? Personal property generally includes tangible items that are not firmly attached to land or buildings and are not specially designed for or of such a size and bulk to be considered part of the real estate.

“Tangible personal property” exists physically (i.e., you can touch it) and can be used or consumed. Clothing, vehicles, jewelry, and business equipment are examples of tangible personal property.

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Personal Property Statement Without Homeowners Insurance In Suffolk