In Washington, certain types of business property are subject to an annual tax. This levy applies to tangible assets used in business operations, such as furniture, fixtures, equipment, machinery, and supplies. For example, a restaurant’s ovens, tables, and chairs would be considered taxable property, while a software company’s intangible assets like patents or copyrights would not.
This tax plays a vital role in funding local government services, including schools, fire departments, and libraries. Historically, it has been a significant revenue source for municipalities across the state, allowing them to maintain and improve essential public infrastructure and services. The revenue generated helps to ensure a stable and functioning local economy.
