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personal property tax

Many states assess a personal property tax on certain items of personal property such as motor vehicles, boats, and aircraft. Business personal property taxes—taxes on tangible personal property items that are used to produce income—are often referred to as ad valorem taxes.

In Washington State, personal property tax is applicable to items such as motor vehicles, boats, and aircraft. This tax is an ad valorem tax, meaning it is based on the value of the property. Personal property taxes are assessed annually by the county assessor and are paid to the county treasurer. The tax applies to personal property used in a business to produce income, including machinery, equipment, furniture, and supplies. Tax rates vary by location as they are determined by local taxing districts and the state. Taxpayers must report their personal property to the county assessor each year for assessment purposes. Exemptions and deductions may be available for certain types of property or for certain taxpayers, such as senior citizens and veterans. It is important for individuals and businesses to be aware of the filing deadlines and requirements to avoid penalties for late or non-filing.

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Taxes

personal property tax

As a LegalFix Member You Will Be an Important Client of Local Law Firms

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Washington State Code

Washington State Code

Taxes

personal property tax

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