So is it worth going ahead and getting floating docks treated as personal property? There are two financial advantages: lower personal property tax rates and accelerated depreciation. Personal Property Tax Rates Lower than Real Property This is another one of those "it depends" discussions. In Anne Arundel County Maryland, the real property tax rate is 0.888 per.
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The Difference 1 Sentence Makes in Marina Appraisals
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Posted by John Simpson
I just had to write this for all you attorneys in the blogosphere. It's of interest to lenders too. I'd like to put to rest a misconception. As you may know, every two years the Uniform Standards of Professional Appraisal Practice is updated and changed. USPAP is the "law" we appraisers work under. Sometimes the.
Read moreMarina Floating Docks – Real or Personal Property? Part 2 of 3
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Posted by John Simpson
Personal Property Tests The core test for determining if a dock is personal property is definitional. Here's an interesting quote that shows how CPAs are to handle the distinction between real and personal property.
Read moreIn distinguishing between a building’s tangible personal property and structural components, CPAs will find the courts to be a final source.