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Employee
January 31, 2020

Personal property taxes are based on value alone and imposed on a yearly basis.

 

See https://www.irs.gov/instructions/i1040sca#idm140577528689600

 

Such taxes are deductible only if you itemize and are subject to the SALT limits of $10,000 ($5,000 if married filing separately).

 

See also https://turbotax.intuit.com/tax-tips/home-ownership/what-are-personal-property-taxes/L2KFeovaB

 

Ensure that you distinguish between sales tax on your cars and property tax (ad valorem - based on value).