Tax Exemption - Exempt Property

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 a touch of divinity even in brutes, and a special halo about a horse, that should forever exempt him from indignities.”
    —Herman Melville (1819–1891)

    “There is no such thing as “the Queen’s English.” The property has gone into the hands of a joint stock company and we own the bulk of the shares!”
    —Mark Twain [Samuel Langhorne Clemens] (1835–1910)