What is personal property tax (PPT) and why am I being charged the tax amount?
PPT is a form of taxation on what is termed personal property, which is defined as any moveable property not permanently attached to a building. Requirements vary from state to state and are taxed annually in arrears.
What is the difference between sales tax and PPT?
Sales tax is collected at the point of sale. PPT is an annual tax, which is based on the current value of the property.
What is the difference between property tax and PPT?
The term property refers to real estate taxes paid on a home or property. PPT refers to items that are moveable.
As an existing customer I have not received a PPT invoice in the past. Why did I receive one this year and not previously?
In January 2020 Merchants Bank Equipment Finance (MBEF) made a business decision to file PPT in all jurisdictions to ensure compliance for our customers and business.
Will I receive a separate paper invoice for PPT?
If I am set up for Direct Debit for regular payments due, will PPT be treated the same way?
When is my PPT payment due or, if paid electronically, what is the time period before a direct debit is pulled?
The due date will be reflected on the invoice.
Will I receive detailed information pertaining to what property has been reported?
Yes, details will be reflected on the invoice.
Does MBEF remit payment prior to billing my account?
Yes, MBEF pays the PPT prior to invoicing the customer.
What if my business is exempt from paying PPT, or I have already paid it?
Please contact customer service.
Can I pay the PPT direct, or can I opt-out of MBEF paying the tax?
Not at this time.
What happens if my contract ends in the middle of the year, will I be billed the following year since PPT is paid in arrears?
Who do I contact with questions regarding personal property taxes?