Question

what criteria must be met for personal property taxes to qualify as an itemized deduction

Answer 1

Answer:

Personal Property Tax qualifies as itemized deduction if it following criteria are met:

(Source: https://www.irs.gov/taxtopics/tc503)

• The tax is imposed on personal property.
• The tax must be based only on the value of personal property. It must be ad valorem. For example if the yearly registration fees paid for car, is partly based on the car's value and partly based on its weight, then only the part of the fee that was based on the car's value can be deducted   
• The tax must be charged on a yearly basis, even if it's collected more than once a year or less than once a year