How Personal Property Taxes Work
States and local governments with personal property taxes can apply them differently, in terms of:
- Which types of property are subject to tax
- How the tax is calculated
- What the funds raised from personal property taxes are used for
In North Carolina, for example, property tax is assessed locally and collected by individual counties. The North Carolina Department of Revenue, which collects sales and income tax, plays no part in the collection or management of personal property taxes.