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.
All 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.
*There is no tax due if the value of your personal property is $225,000 or less, however, you still must file the Personal Property Tax return.
Should you have additional tax and/or accounting questions related to your DC-based business, click the button below to schedule a consultation.