personal property

noun
Updated on: 26 Jul 2017

Definition of personal property

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

Examples of personal property in a Sentence

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

First Known Use of personal property

1833


Financial Definition of PERSONAL PROPERTY

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.


Law Dictionary

personal property


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