Personal Property Tax

Personal property tax is a tax levied on movable assets owned by individuals or businesses, rather than real estate. This can include items such as vehicles, furniture, machinery, and equipment. Taxing authorities assess the value of these assets to determine how much tax is owed, typically on an annual basis. The revenue generated from personal property taxes helps fund local services like schools, roads, and public safety. Each jurisdiction may have different rules and rates, making it important for property owners to understand their specific obligations.