All individuals and business entities conducting business operations in Washington, D.C., are subject to a personal property tax and must file the Personal Property Tax Return, Form FP-31 (FP31), each calendar year by July 31st. This tax is calculated and levied on businesses based on the level of owned non-real estate property and equipment (furniture, machinery, software, vehicles, etc.). The good news: The first $225,000 of property owned is excluded from tax. But whether your business owns more than $225,000 or less than $225,000 of property, you must still complete an annual filing to document the value of the business’s property.
In most cases, the District of Columbia Office of Tax and Revenue will automatically register applicants who are natural persons or a personal trust for Personal Property Tax, which may require a tax filing on your behalf.
If you have questions about personal property tax or filing the return, speak with your tax professional. RentJiffy is not an accounting or tax preparation service. We cannot answer tax-related questions or file tax returns for you. Only certified public accountants or licensed tax preparers can answer and file tax-related matters.