Difference between revisions of "Personal property"
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| − | In legal terms, ''' | + | In legal terms, '''personal property''' is anything a person owns other than [[real estate]]. |
| − | [[Category: | + | Personal property may be physically attached to real estate, but it cannot be a type of property that would result in the real estate being useless. For example, a window air conditioner is considered personal property (as it may be removed without significant damage to the house), but a central HVAC unit would not be considered personal property. |
| − | [[Category: | + | |
| + | Depending on the jurisdiction, personal property may or may not be subject to [[property tax]] (generally business personal property is, while individual personal property may not be except for a large item such as a vehicle). | ||
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| + | [[Category:Legal Terms]] | ||
| + | [[Category:Real Estate]] | ||
Revision as of 02:20, February 25, 2019
In legal terms, personal property is anything a person owns other than real estate.
Personal property may be physically attached to real estate, but it cannot be a type of property that would result in the real estate being useless. For example, a window air conditioner is considered personal property (as it may be removed without significant damage to the house), but a central HVAC unit would not be considered personal property.
Depending on the jurisdiction, personal property may or may not be subject to property tax (generally business personal property is, while individual personal property may not be except for a large item such as a vehicle).