Property Inventory Tax is the taxation on the value of the tangibles you may have in your shops and offices. This would include desks, chairs, computers, rounders, etc., but not the items you have for sale. Counties, municipalities and small towns across the country may or may not impose personal property taxes or inventory type taxes on store owners. It is not a federal tax,
(one that the IRS would police) it is strictly a local tax and will differ from county to county, state to state. Generally, the taxation division will allow you to put a value on your items yourself. As long as it is not grossly under valued, there shouldn’t be any problems. The tax may be a percentage of the value or it may be on a sliding scale; i.e., between $10K and $20K is approximately $50, between $21K .... etc. Every shop owner, before choosing a location or opening a store,
should check with the local taxing authority (the county clerk, the municipal building, etc.) to know in advance what business taxes you may subject too. You may be required to have a special license depending on the type of business you are in. Being aware of taxes that could sneak up on you is smart business! Your local Chamber of Commerce may offer help in this area as well as the the Small Business Association in your area.
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