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6/25/2018 7:04:05 PM
Posted: 7/30/2018 2:17:39 PM EDT
Bought land in Jan.

Been buying this and that to take care of the land.

It has tillable and also harvestable timber so I'm calling it a farm.

New to rural ownership, I know I didn't have to pay sales tax when I bought this and that but do I have to report it on a personal property declaration?

Thanks,
Link Posted: 7/30/2018 2:46:12 PM EDT
You should look up personal property tax in your county, but farm equipment is taxable. Here's the info from my county;

Personal Property Taxes

1. What type of property is considered taxable personal property?

Personal property tax is a tax which is based upon the value of taxable personal property. The following types of personal property are considered taxable:

-Aircraft

-Boat motors

-Farm machinery and equipment

-Livestock

-Mobile homes

-Motor vehicles

-Trailers

-Watercraft

-Any other personal property not exempted by law

https://www.colecounty.org/FAQ.aspx?TID=16
Link Posted: 7/30/2018 3:00:07 PM EDT
[Last Edit: 7/30/2018 3:01:28 PM EDT by delorean]
You do have to report it. It's taxed at a lower rate though. It's normally 33.3%, but it's usually something like 12% on farm equip.

Still BS since you're using that equipment to make money that you're going to be taxed on.....and really BS that you're then taxed again if you pay yourself a wage from those profits.
Link Posted: 7/31/2018 6:42:24 AM EDT
Will you have to show paid personal property tax receipt the get new tags for your tractor and chainsaw???

That was a rhetorical question BTW.
Link Posted: 7/31/2018 9:25:03 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By GUNGUY148:
Will you have to show paid personal property tax receipt the get new tags for your tractor and chainsaw???

That was a rhetorical question BTW.
View Quote
My chainsaw is under 50cc so doesn't require tags
Link Posted: 7/31/2018 10:44:03 AM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By GUNGUY148:
Will you have to show paid personal property tax receipt the get new tags for your tractor and chainsaw???

That was a rhetorical question BTW.
View Quote
It's kind of one of those deals where you're ok until you get caught. County tax assessors scourer places watching out-of-state registrations of boats on lakes, cars parked on streets, and airplanes parked in hangars at airports. If they see it there multiple times, they know you're using it in MO more than X number of days and you get hit with a use tax (equal to the personal property tax, plus any back tax and penalties.) Same goes for farm equipment. If you're claiming income from a farm and you're not having someone farm it for you, then they know you have at least one tractor. They may not know about the 3rd or 4th one, but they are watching. Always be prepared to pay, but hopefully you won't.

I used to work at a private complex in at a MO airport, so the county tax assessor had to make an appointment to come inspect. When they did, the complex owner would notify everyone and the place would clear out. We would fly the helicopters out to the owners house in a rural area and leave them there, but most of the airplanes would get flown out of state just in case the county had someone watching at another local airport. All of the aircraft were registered in Delaware for tax purposes, so it was tough for the county no know where they actually were. The guy I worked for did end up getting caught and having to pay some fines (but I think they can only go back 3 yrs unless they can prove fraud.) Either way, he got away with it for 10+ yrs and saved a ton.
Link Posted: 7/31/2018 12:21:23 PM EDT
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By delorean:
It's kind of one of those deals where you're ok until you get caught. County tax assessors scourer places watching out-of-state registrations of boats on lakes, cars parked on streets, and airplanes parked in hangars at airports. If they see it there multiple times, they know you're using it in MO more than X number of days and you get hit with a use tax (equal to the personal property tax, plus any back tax and penalties.) Same goes for farm equipment. If you're claiming income from a farm and you're not having someone farm it for you, then they know you have at least one tractor. They may not know about the 3rd or 4th one, but they are watching. Always be prepared to pay, but hopefully you won't.

I used to work at a private complex in at a MO airport, so the county tax assessor had to make an appointment to come inspect. When they did, the complex owner would notify everyone and the place would clear out. We would fly the helicopters out to the owners house in a rural area and leave them there, but most of the airplanes would get flown out of state just in case the county had someone watching at another local airport. All of the aircraft were registered in Delaware for tax purposes, so it was tough for the county no know where they actually were. The guy I worked for did end up getting caught and having to pay some fines (but I think they can only go back 3 yrs unless they can prove fraud.) Either way, he got away with it for 10+ yrs and saved a ton.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By delorean:
Originally Posted By GUNGUY148:
Will you have to show paid personal property tax receipt the get new tags for your tractor and chainsaw???

That was a rhetorical question BTW.
It's kind of one of those deals where you're ok until you get caught. County tax assessors scourer places watching out-of-state registrations of boats on lakes, cars parked on streets, and airplanes parked in hangars at airports. If they see it there multiple times, they know you're using it in MO more than X number of days and you get hit with a use tax (equal to the personal property tax, plus any back tax and penalties.) Same goes for farm equipment. If you're claiming income from a farm and you're not having someone farm it for you, then they know you have at least one tractor. They may not know about the 3rd or 4th one, but they are watching. Always be prepared to pay, but hopefully you won't.

I used to work at a private complex in at a MO airport, so the county tax assessor had to make an appointment to come inspect. When they did, the complex owner would notify everyone and the place would clear out. We would fly the helicopters out to the owners house in a rural area and leave them there, but most of the airplanes would get flown out of state just in case the county had someone watching at another local airport. All of the aircraft were registered in Delaware for tax purposes, so it was tough for the county no know where they actually were. The guy I worked for did end up getting caught and having to pay some fines (but I think they can only go back 3 yrs unless they can prove fraud.) Either way, he got away with it for 10+ yrs and saved a ton.
Im sure he saved a ton in the long run.

I used to work on a c5500 dump truck for a farmer/logger/redneck.....he never registered it at all and said he was thousands ahead even after paying fines and tickets.
Link Posted: 8/2/2018 9:41:19 PM EDT
I hate taxes

I hate property taxes [who the F#%& owns it if I have to pay for the privilege of storing it?]

That being said,

For both philosophical and practical reasons

I want to pay the taxes that are imposed upon me and have been Blessed to own what I do and have the resources to pay the taxes.

I'd give much more to charity [already do > 10%] if forced extractions weren't demanded of me.

Bottom line, I'll pay personal property taxes on farm equipment

Just didn't know if it were like sales tax on farm equipment.

Thanks and YMMV
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