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There are a number of types of personal property that are exempt from tax, including inventory, raw materials, livestock, certain cargo containers and motor vehicles, custom software and intangibles.
The sale or exchange of the following assets are exempt from the Washington capital gains tax: Real estate.
Personal property includes machinery, equipment, furniture, and supplies of businesses and farmers. It also includes any improvements made to land leased from the government (leasehold improvements).
Personal property refers to any assets other than land or buildings. Personal property is movable, and so can include such assets as equipment, furniture, home appliances, and vehicles. It does not include real estate.
How to File (7 steps)Step 1 Pay Debts.Step 2 Wait Forty (40) Days.Step 3 Prepare Affidavit.Step 4 Notify Other Successors.Step 5 Get It Notarized.Step 6 Mail Notarized Copy.Step 7 Collect the Assets.
Tangible personal property means: articles of personal or household use or ornament, for example, furniture, furnishings, automobiles, boats, airplanes, and jewelry, as well as precious metals in any tangible form, for example, bullion or coins.
In addition to the RTA sales taxes, there is an RTA motor vehicle excise tax (MVET) imposed with new or renewed vehicle registrations. Effective March 1, 2017, voters approved an RTA MVET increase to a total rate of 1.1 percent.
The 2022 Washington state sales tax rate of 6.5%, plus a 0.3% "motor vehicle sales / lease tax", the state tax levied on the purchase or lease of all vehicles is 6.8%. Washington has state also allows local governments to collect a local option sales tax of up to 4.00%. The Pierce County sales tax rate is 1.4%.
The tax rate for real and personal property is the same. If you use personal property in a business or have taxable personal property, you must complete a personal property tax listing form by April 30 each year. The assessor uses the form to value personal property for taxes due the following year.