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
First Known Use of personal property
Financial Definition of PERSONAL PROPERTY
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.
Seen and Heard
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