Join Date: Feb 2007
Location: New Jersey
Thanked 73 Times in 71 Posts
Rep Power: 9
Re: Previous owner wants property tax credit?
Your business transaction has ended. He's asking for a charitable contribution.
It's up to you to decide if you're feeling charitable. Also, If allowable, He'd also get to take the deduction on his federal income tax return.
4.I sold my personal property (boat, aircraft, machinery, or equipment) after January 1. Shouldn’t the new owner be required to pay the property tax?
Even though you may no longer own the property, you are still liable for the taxes because you owned it on the lien date. When taxable personal property is sold subsequent to the lien date, it is the duty of the seller to pay the taxes on the property for the ensuing fiscal year.
5.Can the assessor prorate assessments or taxes between the seller and buyer of taxable personal property?
No. The assessor must annually assess all property in the county to the person owning it on the lien date. There is no provision in the law that allows the assessor to prorate assessments between the buyer and seller of taxable personal property that is sold in the ensuing fiscal year.