What is meant by "tax your assets"?

[dcarroll1002]

OK my question is what is meant when they tell you that you live in a state where they can tax your assets? what is meant by assets?

 

[presutin]

what is meant by assets?

Anything you own and that has monetary value attached to it.

what is meant when they tell you that you live in a state where they can tax your assets

It means that you will have to pay the taxmen their fair share while living in that state. One example - In Virginia, the state assesses taxes on cars. Reason - It costs the state a lot of money to maintain roads and consequently, if you want good roads, that is one way of raising money to keep them in good condition.

Hope this helps!

 

[dcarroll1002]

well this was told to me by someone who wants a large lump sum of money after a vehicle repo. He told me that they would tax my assets but did not explain what he meant.

 

[presutin]

I don't know what he means either...