What is personal property?
Personal property is essentially property that can be moved. It is commonly referred to as movable property or movables, which refers to any property that can be transported from one location to another.
It is sometimes referred to as movables, moveable property, or chattels. The movables in a collection may or may not have common features. Automobiles and household furnishings, for instance, lose value with time, whereas antiques and other collections increase in value. In addition, there are both inexpensive and expensive movables available.
What are the types of personal property?
Personal property can either be classified as tangible or intangible.
1. Tangibles
Tangible personal property refers to any item of property that the owner may physically handle. Common examples include home decor, apparel, and accessories.
2. Intangibles
Any asset that displays value but cannot be moved, touched, or felt (like stocks) is considered intangible personal property.
What is the difference between land and personal property?
Any asset that is not real estate is considered personal property. What sets personal property apart from real estate is its portability; unlike land or buildings, it may be moved from one area to another. It is not subject to the same kind of taxation as permanent structures.
Here is a detailed explanation:
1. Land
Land refers to the surface of the earth, including the soil, rocks, minerals, water, plants, and any natural resources found on or beneath the surface. It encompasses not only the physical land itself but also the airspace above and the ground below within certain legal limits. Land is considered a fixed and immovable asset, and ownership of land is typically associated with real property rights.
2. Personal Property
Personal property, also known as movable property or chattels, refers to assets that are not permanently affixed to the land. It includes items such as furniture, appliances, vehicles, electronics, clothing, jewelry, and other tangible objects that can be physically moved. Personal property can be bought, sold, transferred, and owned independently of the land. Unlike land, personal property is mobile and can be easily transported or removed from one location to another.
