Farm equipment leased by an individual is exempt from taxation. True or False?

In many jurisdictions, farm equipment that is leased by an individual is generally not exempt from taxation. The taxation rules that apply to leased equipment can vary based on local laws, but typically, leased personal property is subject to taxation just like owned property. This ensures that all types of property, regardless of their ownership status, contribute to local tax revenues.

Tax exemptions often apply to specific categories of property or to ownership configurations that impact the tax status, but simply leasing equipment usually does not alter its taxable status. Additionally, the idea that exemptions could be contingent upon usage for personal purposes or limited to certain times of the year, such as during the harvest season, does not hold in most cases, as such conditions are not standard for tax exemption classifications.

Thus, the answer indicating that it is false aligns with the general principles of property taxation, emphasizing that farm equipment leased by an individual indeed remains subject to taxation.