For homeowners, buildings and land are taxed. For business owners, there may be tax on what is referred to as ‘personal property’ which can include product inventory, business machines, and vehicles associated with the business.
If something is subject to other forms of taxation such as excise tax for vehicles and boats, it may be exempt from other personal property taxes. By law, April 1st of each year is the date on which taxes for the upcoming year are based; so the condition of the property on April 1st what the assessment is based upon.