Personal property includes cars, trucks, motorcycles, trailers, and boats. Businesses also pay tax on personal property used in a trade or business, including but not limited to furniture, fixtures, machinery, and other equipment.
Assessing Personal Property
According to the Code of Virginia, personal property when assessed for taxation must be assessed at fair market value. Annually, using pricing guides like the National Automobile Dealers Association and tables based on purchase prices the commissioner will assess over 150,000 items.