What is a personal property?

Another way personal property can be defined is that it is any property that is not attached to land or structures on a piece of real estate. Other terms for personal property may include chattel or personality. In contrast, property that is attached or fixed to real estate is referred to as realty or real property.

What is the difference between personal property and real estate?

Other terms for personal property may include chattel or personality. In contrast, property that is attached or fixed to real estate is referred to as realty or real property. Fixtures that can be removed without damaging a structure may also, in some cases, be included in the legal definition of personal property.

Is personal property taxable?

Personal property is a class of property that can include any asset other than real estate. The distinguishing factor between personal property and real estate, or real property, is that personal property is movable, meaning it isn't fixed permanently to one particular location. Typically, personal property is not taxed like fixed property .