What is the difference between personal and real property taxes?

In Virginia, taxes are based on two different types of property, personal and real. Personal property taxes are those assessed on personal possessions such as boats, cars, trailers, jewelry, stocks, bonds, certain business equipment, and household goods. Real property taxes are taxes on land and buildings and are generally imposed on the value of a property. Personal property taxes are often referred to as tangible personal property taxes and are paid annually to the local government. The amount of tax due is based on the value of the personal property owned. Real property taxes are also assessed annually and the tax is based on the value of the land and the buildings that are attached to it. The taxes are collected by the local government and are used to fund services such as schools, police and fire protection, and public health and safety. The amount of tax due for personal and real property is determined by the assessor’s office and is based on the current market value of the property. In Virginia, personal property taxes must be paid by the end of the year in which the property was acquired, while real property taxes must be paid by the end of the calendar year. Both personal and real property taxes are important sources of revenue for the local government in Virginia.

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What is the difference between personal and real property taxes?

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