Real Estate Analysis and Commentary

Real Estate Taxes vs. Property Taxes
January 11th, 2023 2:36 PM
What do we mean when we talk about property taxes?

That term can actually mean a lot of different things. You probably pay taxes on your own home - the one you occupy. As a real estate investor and property owner, there are also the taxes that you’ll pay on your investment property.

Tax time is often stressful, especially for those of us who cannot count on a juicy refund. That doesn’t mean it has to be awful. You know tax time is coming and you have a whole year to prepare.

Let’s take a look at what we’re working with so you know what we mean when we talk about taxes across the next few months.
  • Real estate taxes are levied on most properties in our market and even across the country. These real estate taxes are not federal; they’re paid to state and local governments, and they most typically fund local and state services and programs.
  • Personal property taxes are levied on mobile assets, not fixed and stationary assets like a home. Cars and boats are subject to personal property taxes.
Here’s a snapshot of what we mean, which might make it easier to conceptualize:

Real Estate
Taxes

Personal Property
Taxes

Single-family home that you live in.  

Car that you drive or purchase for someone else to drive.

Condo, townhome, or other multi-family property.  

Mobile homes.

Any rental or income-producing property you own.  

Planes, boats, motorcycles, and trailers.
Posted in:Real Estate and tagged: Taxes
Posted by Bob Peterson on January 11th, 2023 2:36 PMPost a Comment

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