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:
“There is nothing exempt from the peril of mutation; the earth, heavens, and whole world is thereunto subject.”
—Sir Walter Raleigh (1552–1618)
“I have no concern with any economic criticisms of the communist system; I cannot enquire into whether the abolition of private property is expedient or advantageous. But I am able to recognize that the psychological premises on which the system is based are an untenable illusion. In abolishing private property we deprive the human love of aggression of one of its instruments ... but we have in no way altered the differences in power and influence which are misused by aggressiveness.”
—Sigmund Freud (1856–1939)