What is the difference between real and tangible property taxes?

Real property taxes are taxes imposed on the ownership of land and the improvements on a property. This type of tax is typically collected by local governments and is often based on the value of the property. Real property taxes are usually paid annually to the local government, with rates varying depending on the value of the land and the amount of taxable improvements. Tangible property taxes on the other hand, are taxes imposed on tangible personal property owned by businesses or individuals. This includes things like furniture, equipment, office supplies, computer hardware, and other types of personal items. Tangible property taxes are typically collected by city or county governments and can vary depending on the location and the value of the property. Unlike real property taxes, which are typically paid annually, tangible property taxes are usually paid quarterly. In Virginia, the state sets a maximum tax rate for both real and tangible property taxes. The maximum rate for real property taxes is $1.20 per $100 of assessed value, while the maximum rate for tangible property taxes is $2.50 per $100 of assessed value. Local governments can choose to set the rate lower, but must not exceed the maximum rate.

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What is the difference between real and tangible property taxes?

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