Why should I pay property tax on things I inherit or build? How many times do we pay for something ?

Question

I own a low budget welding and machine shop most of my equipment was my grandfathers or is homemade . Without anybody ever paying me a visit to see what I have the state wants me to pay tax on what they think I must have to be in business. Why did Chris Columbus come over here in the first place ?

Answer 1

Each state that levies a personal property tax handles it differently. Some states require an annual declaration and will stick you with a penalty if you don't file the declaration on time. From personal experience, MO is one such state.

Other states will use the most recent declaration available even if it's decades old, only requiring a declaration to be filed if there are any changes. Your state appears to be one of those types. You should visit your tax assessor's office and find out exactly what they are taxing you on and file an updated declaration if it's incorrect. If you're paying taxes on property long since disposed of, you have only yourself to blame for that.

Old Chris stumbled upon us completely by accident. He had no clue that "we" were here. I use "we" loosely since a majority of us are more closely related to him than the folks who were here first. But that's another matter entirely.

And for some of the other responders:

The BT Party was due to taxation without representation, not a protest against taxes in general or any one particular tax. (And if The Crown had listened to the Colonials way back then, we'd probably still be paying in Pounds Sterling and singing God Save the Queen at Cricket matches and drinking warmish beer. And our taxes would be LOT higher than they are now!) We've got representation now so if you don't like the status-quo, contact your elected representatives. If they don't respond to your liking, start a grass-roots effort to either get them to listen or get them replaced with some who will. (This does work, witness last November's General Election.)

Taxes were so low in the early days of the nation because costs were low. It cost about $10 per month to field a soldier and about $10 per year to outfit him with the latest and greatest weaponry of the day. (But as a function of gross pay, they were probably no less than what we have to pay today and may have even been worse.)

Answer 2

Question 1: Why should I pay property tax on things I inherit or build? How many times do we pay for something?

Answer 1: Because if you don't, the government could come and take your whole shop. It's the law. Sorry.

Question 2: Why did Chris Columbus come over here in the first place?

Answer 2: Looking for a shorter way to reach the lucrative trading nations of the far east.

Answer 3

Property tax is due and payable at least once a year in most states. Sucks doesn't it?

Small businesses pay the bulk of the taxes, that is why they go out of business so easily.

Because you have not filed the actual returns, the government is not estimating your taxes. Take all your info and go see a CPA. He may be able to "amend" or file the actual returns and lower your liability. But no way will you get out of paying the tax. Do it fast before they take your equipment away for non-payment. More than likely they will take a payment plan.

And Christopher Columbus came "here" to find a new route to India and conquer the new world for Spain.

The real question is why did we have the Boston Tea Party and fight England for our democracy? Because now we pay more in taxes than our founding fathers would ever believe.

Answer 4

Very good question-the answer I received from a pro is that nothing is for certain except death and taxes.

Answer 5

You pay tax every year or you could sell it and have nothing that can be taxed.

Answer 6

Because we let politicians spend money on their pet projects, they raise it from the rest of us.

Answer 7

we all seem to pay over and over agian.