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Personal Property Tax?

Discussion in 'Trucker Taxes and Truck Financing' started by TruckerPete1990, May 17, 2021.

  1. May 17, 2021 #1
    TruckerPete1990

    TruckerPete1990 Road Train Member

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    Bentonville Arkansas
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    So i find this interesting. I financed my APU.. Well today i got a letter from the finance company for my APU saying i owe Personal property tax on it... Has anyone ever had this happen or heard of it?
     
    TruckerPete1990, May 17, 2021
    TruckerPete1990, May 17, 2021
    #1
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  3. May 17, 2021 #2
    skallagrime

    skallagrime Road Train Member

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    Interesting, for my state (indiana) im pretty sure i would file that as a depreciating asset not personal property, but i am not a tax professional and your state may vary, your finance co may be right, they may be wrong, am unsure
     
    skallagrime, May 17, 2021
    skallagrime, May 17, 2021
    #2
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  4. May 17, 2021 #3
    Flat Earth Trucker

    Flat Earth Trucker Road Train Member

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    Nov 19, 2018
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    Sounds like a scam to me. Why? It comes from a finance company.

    Giggle it and see what comes up.
     
    Last edited: May 17, 2021
    Flat Earth Trucker, May 17, 2021
    Flat Earth Trucker, May 17, 2021
    #3
    NavigatorWife Thanks this.
  5. May 18, 2021 #4
    wndrwtr

    wndrwtr Medium Load Member

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    Texas
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    wndrwtr, May 18, 2021
    wndrwtr, May 18, 2021
    #4
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  7. May 20, 2021 #5
    kemosabi49

    kemosabi49 Trucker Forum STAFF Staff Member

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    SW Arkansas
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    I'm not sure if they collect Personal Property Tax on business equipment.

    Maybe @Judge @wore out @Misesian or other Arkansas O/Os can answer this.
     
    kemosabi49, May 20, 2021
    kemosabi49, May 20, 2021
    #5
    NavigatorWife Thanks this.
  8. May 20, 2021 #6
    wore out

    wore out Numbered Classic

    16,831
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    CHASIN THE DEVIL'S HERD
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    They do not. That’s what the Advalorem tax is for. Now if you run a farm plate or single state K plate you will pay personal property tax
     
    wore out, May 20, 2021
    wore out, May 20, 2021
    #6
    NavigatorWife and Judge Thank this.
  9. May 20, 2021 #7
    Misesian

    Misesian Road Train Member

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    May 21, 2014
    Nothwest Arkansas
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    I second what Wore Out said. You should only be paying Ad Valorem. It may have something to do with how you bought or how the finance company did the paperwork. Arkansas may think it’s a personal purchase like a used car or something. You’d need to look over the loan paperwork and ask an accountant where the problem is.
     
    Misesian, May 20, 2021
    Misesian, May 20, 2021
    #7
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  10. May 20, 2021 #8
    Judge

    Judge Road Train Member

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    Yeah, someone screwed up paperwork, apu don’t have property tax
     
    Judge, May 20, 2021
    Judge, May 20, 2021
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