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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.
Items Subject to the Personal Property Tax. In Prince William County, a personal property tax is assessed annually (as of January 1) on automobiles, trucks, motorcycles, trailers, and mobile homes. Business are also assessed a business tangible property tax on items such as furniture and fixtures, computers, and construction equipment.