Taxes on tractors

[joeyd]

No property tax on tractors here like Cat Fever said but build a barn to park it in and they get ya!

 

[Jstpssng]

My town sent a form, asking me what I had for unregistered personal property so that they could tax me on it. That was almost 20 years ago, and they've never sent me another. As somebody mentioned above, we pay 5.5% sales tax on every purchase. Every year when I fill out my state tax return there is a place to declare tax on smaller purchases where I hadn't already paid it; or I am given the choice of an income percentage on smaller items. I take the standard deduction, but also declare things like my winch and grapple.
Rather necessary as I'll write those off against wood sold; but also, I once got behind on my taxes and know all too well how they rat you when that happens.

 

[mo1]

There are no "yearly" property tax on tractors unless the particular state requires a title and license plate. This will vary and is only 1 or 2 states.

Not true. In Missouri, tractors are not titled or licensed but they are unfortunately subject to an annual property tax. So are all pieces of farm equipment as well as livestock, in addition to the property itself and any buildings on it. Nothing ag-related is subject to sales tax, though, although you do have to file an exemption with the state for this.

 

[4570Man]

I don’t think any state has a reoccurring tax on tractors. Most states charge sales tax when you buy it.

 

[oosik]

I pay sales tax at the time of purchase. Otherwise - no other tax on the tractor.

 

[mo1]

I don’t think any state has a reoccurring tax on tractors. Most states charge sales tax when you buy it.

Not true, Missouri does have an annual personal property tax assessment on all farm assets, which includes tractors, implements, buildings, land, livestock, and even grain.

Missouri Tax Commission FAQs

 

[oosik]

One year Alaska tried a personal property tax. Only lasted one year. Too many calls - how much are soiled underwear worth - ripped jeans - holes in your mucklucks - holes in your socks - etc, etc. It became a political farce and resulted in one legislator being recalled, back to private life.

 

[cathy liebchen]

In Georgia only if you use the equipment in a commercial business

 

[Herness]

Agree. No taxes if you buy tractor for personal use only.
If you still want to hear it from someone else you can contact turbotax customer service by this link and i am sure they will be happy to confirm the same. They are always friendly and helpful from my experience.

 

[ultrarunner]

Not true. In Missouri, tractors are not titled or licensed but they are unfortunately subject to an annual property tax. So are all pieces of farm equipment as well as livestock, in addition to the property itself and any buildings on it. Nothing ag-related is subject to sales tax, though, although you do have to file an exemption with the state for this.

Now I see why it's the Show Me state...