Personal property tax is another form of property tax. Property tax is based on the value of any personal property or real estate that a United States citizen may own. This is also known as an ad valorem tax. The possessor of the property is obligated to pay on the worth of the property that is being taxed. Personal property tax is different in that it is only paid on things like cars, boats, airplanes and other types of vehicles. Other valuables that are considered as durable goods can be personal property items such as art works. Any kind of company inventory, business equipment or stocks and bonds can also be considered as personal property. One of the fifty states usually levies personal property taxes.