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Every year, the District of Columbia levies a tax against individuals on the tangible personal property owned or held in trust in that person’s trade or business in the District.
Most businesses in Washington, DC are subject to Personal Property Tax (PPT). According to the DC Office of Tax and Revenue, individuals, corporations, partnerships, executors, administrators, guardians, receivers, and trustees that own or hold personal property trust in DC must file a personal property tax return.
*No tax is due if the total value of your tangible personal property is $225,000 or less, but a return must still be filed.
Should you have additional tax and/or accounting questions related to your DC-based business, click the button below to schedule a consultation.
