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:
“The generations of thy peers are fled.
And we ourselves shall go;
But thou possessest an immortal lot,
And we imagine thee exempt from age”
—Matthew Arnold (1822–1888)
“A few days later the younger son gathered all he had and traveled to a distant country, and there he squandered his property in dissolute living.”
—Bible: New Testament, Luke 15:13.