Exempt Property
Certain types of property are commonly granted exemption from property or transaction (such as sales or value added) taxes. These exemptions vary highly from jurisdiction to jurisdiction, and definitions of what property qualifies for exemption can be voluminous.
Among the more commonly granted exemptions are:
- Property used in manufacture of other goods (which goods may ultimately be taxable)
- Property used by a tax exempt or other parties for a charitable or other not for profit purpose
- Property considered a necessity of life, often exempted from sales taxes in the United States
- Personal residence of the taxpayer, often subject to specific monetary limitations
Read more about this topic: Tax Exemption
Famous quotes containing the words exempt and/or property:
“To be exempt from the Passions with which others are tormented, is the only pleasing Solitude.”
—Richard Steele (1672–1729)
“Things have their laws, as well as men; and things refuse to be trifled with. Property will be protected.”
—Ralph Waldo Emerson (1803–1882)