What is meant by Personal Property?

Personal property refers to movable items that are not fixed to one location. This definition encompasses a wide range of tangible and intangible items that an individual or business can own and that can be transported from one place to another. Examples include furniture, vehicles, equipment, and in some cases, intellectual property.

The concept of personal property stands in contrast to real property, which includes land and immovable structures attached to it. This distinction highlights the inherent characteristics of personal property, primarily its mobility and the ability to transfer ownership easily. Each category of property (personal and real) has its own legal implications and tax considerations which further underscores the relevance of understanding this distinction within financial management, especially in a governmental context.