Accrued Property Taxes

Accrued Property Taxes are those taxes that are owed to state, county, or municipal authorities for taxes due, but not yet paid.   Accrued property taxes recognize the difference between the liability created for the tax, and the payment terms allowed by the governing body.

Since accrued property taxes are usually payable within a fiscal period, they are recorded as an accrued liability in the current liabilities section of the company's balance sheet.