What is defined as fixed property, primarily land and buildings?

Real property is defined as fixed property, primarily encompassing land and any structures or buildings that are permanently attached to it. This classification is essential in property tax administration as it distinguishes real property from personal property, which refers to movable items not attached to land or buildings, such as vehicles and furniture.

Understanding the definition of real property is crucial for assessing property taxes, zoning regulations, and property transactions. Real property is typically assessed based on its value, which can fluctuate due to various factors including location, market demand, and improvements.

In contrast, personal property, commercial property, and industrial property each refer to specific categories of assets or property usage that do not encapsulate the broader definition of fixed real estate. Personal property pertains to movable assets; commercial property usually indicates real estate used for business purposes, and industrial property refers to real estate designed for manufacturing or industrial use. Hence, recognizing real property as the foundational category of fixed assets lays the groundwork for understanding more complex property classifications in tax administration.