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Last Updated: 2015-02-06. The tangible personal property tax is a tax based on the value of the property, commonly referred to as an ad valorem tax. Tangible personal property is the property of individuals and businesses in the city of Richmond. 1  Individual (Vehicle) Personal Property Tax Frequently Asked Questions.
Individuals can deduct personal property taxes paid during the year as an itemized deduction on Schedule A. Personal property taxes are taxes that are imposed by a state or local tax authority based on the value of an individualâs personal property. Another term for personal property tax is an ad valorem tax. An example of personal property tax is the tax imposed on the value of a car and assessed as part of an annual vehicle registration fee. What's Eligible to be Deducted as Personal Property Tax The tax code defines personal property tax pretty simply.