personal property

noun

Updated on: 18 Apr 2018

Definition of personal property

: property other than real property consisting of things temporary or movable : chattels

Examples of personal property in a Sentence

any personal property that is left in the lockers overnight will be impounded

Recent Examples of personal property from the Web

The personal property tax rate should remain the same at $1.70 per $100, and water and sewer rates should not change, either, according to Jack.

— david anderson, The Aegis, "Aberdeen city manager proposes employee pay raises, no tax increases in next budget," 10 Apr. 2018
Beginning in 2018, there's a new $10,000 cap on deductions for a combined amount for personal property, real estate and state and local income taxes.

— susan tompor, Detroit Free Press, "How to get the best tax deductions if you have kids, home, student loans," 5 Apr. 2018
Zions Bank is the biggest creditor, with $1.7 million in claims secured by Boise Gun’s real and personal property.

— katy moeller and david staats, idahostatesman, "This Treasure Valley gun dealer closes its doors, seeks bankruptcy protection | Idaho Statesman," 4 Apr. 2018
The claims include $388 million for residential personal property, $27.2 million for commercial property and $6.7 million for auto and other lines of insurance.

— Fox News, "Mudslide losses top $421 million in hard-hit California town," 2 Apr. 2018
Indiana could dramatically reduce the length of time law enforcement officials hold onto alleged criminals' seized personal property.

— fatima hussein, Indianapolis Star, "Indiana one step closer to forfeiture reform," 4 Feb. 2018
The cuts in state funding began when Ohio started a gradual phase-out of tangible personal property tax reimbursements to local school districts.

— mike peticca, cleveland.com, "Committee for Solon Schools working to pass May 8 operating levy," 30 Mar. 2018
Here is a snapshot of Mr. Dell’s personal properties.

— katherine clarke, WSJ, "Inside Michael Dell’s Sprawling Property Empire," 22 Mar. 2018
Participants can provide up to 136 hours of service to the town in exchange for a reduction in personal property taxes.

— jennifer fenn lefferts, BostonGlobe.com, "Ayer offering seniors property tax work-off abatements," 7 Mar. 2018

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'personal property.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

First Known Use of personal property

1833

in the meaning defined above

See Words from the same year

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personal property Synonyms

Financial Definition of PERSONAL PROPERTY

personal property

noun

What It Is

Personal property is a class of property that can be moved from one location to another.

How It Works

Generally, real property is a class of property that cannot be moved. It includes land and buildings, for example. Personal property typically includes furniture, fixtures, tools, vehicles, and machinery and equipment. All of these items can be moved.

Why It Matters

Many states impose a personal property tax on individual and business personal property. These personal property taxes are particularly important to consider, especially when comparing state corporate tax rates. Some states offset their low corporate tax rates and even low real estate tax rates with higher personal property taxes. As a result, it is important to consider the whole tax bill when evaluating state tax rates.

Source: Investing Answers