Personal property tax refers to a tax assessed on tangible personal property such as boats, vehicles, furniture, and jewelry that individuals own. However, there are several synonyms for this term, which may vary depending on the jurisdiction and local legislation. For instance, some states call it a tangible personal property tax, while others refer to it as a personal belongings tax. Other synonyms include movable property tax, movable assets tax, and personal effects tax. Essentially, all these terms refer to a levy imposed on goods that individuals possess, and the amount of tax is usually calculated based on the value of the items.