What is personal property?

Personal property refers to any movable property that is not permanently attached to land or structures. This includes items such as furniture, vehicles, and equipment that can be easily transported and are not fixed in place. Unlike real property, which includes immovable items such as land and buildings, personal property encompasses a wide range of items that can be owned and moved by individuals or businesses.

By focusing on movable property, this definition captures the essence of what constitutes personal property. While business inventories may fall under this classification in a broader sense, they are just one example of personal property. Distinguishing personal property from real property is crucial in property tax administration, as the rules governing assessments and taxation differ for the two categories.