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 irina88w/Getty Images 3 min read Published April 14, 2022 Written by David McMillin Written by David McMillinArrow RightContributing writer David McMillin Edited by Michele Petry Edited by Michele PetryArrow RightSenior real estate editor Michele Petry is a senior editor for Bankrate, leading the site’s real estate content. Michele Petry Bankrate logo The Bankrate promiseInfoMore infoAt Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promiseFounded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy. Buying or selling a home is one of the biggest financial decisions an individual will ever make. Our real estate reporters and editors focus on educating consumers about this life-changing transaction and how to navigate the complex and ever-changing housing market. From finding an agent to closing and beyond, our goal is to help you feel confident that you're making the best, and smartest, real estate deal possible. Bankrate logo Editorial integrityBankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key PrinciplesWe value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial IndependenceBankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make moneyYou have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. To understand the definition of tangible personal property in real estate, it’s important to start by understanding what does not fall into this category: your house, and the land it’s sitting on. That can be confusing, since you can, of course, touch your walls and lay your hands on the grass in your backyard. However, tangible property isn’t as simple as what is physically within your reach. What is tangible personal property (TPP)?In addition to being able to physically touch it, the legal definition of tangible personal property comes with a key distinction: It can be moved from one location to another. It has weight, and it can be measured, too. Take a look around your house right now, and just about everything will fall under the classification of tangible personal property. Your couch, your shoes, your blender, your television — these are all tangible personal property. Tangible personal property typesSo what are some other examples of tangible personal property? Here’s a rundown of some of the items that fit into the definition:
How tangible personal property impacts taxesWhen you receive a bill for your property taxes, you likely don’t have to think too much about how your tangible personal property impacts what you owe. That’s because, in most cases, the government isn’t going to tax you for your desk. After all, you already paid sales tax to buy it. However, if you’re using that desk as part of a small business or in your role as a freelance worker, it may be a different story. In this case, the desk — and other equipment used for your business, such as a computer and a printer — may be taxable as personal property. Personal property extends outside of what’s in your actual property, too. For example, if you use your car regularly for your business, that may be considered taxable, as well. However, it won’t be valued at the same price you paid for it, due to depreciation. It’s important to note that the fair market value of the property plays a role in whether it will actually need to be reported on your tax filings. In Utah, for example, individuals are exempt from the TPP reporting requirement if the property is worth less than $25,000. Some states, though, do not include tangible property in their taxation. “There are five states that do not charge sales tax on tangible personal property,” says Lisa Greene-Lewis, a CPA and tax expert at TurboTax. “Those states are Alaska, Delaware, Montana, New Hampshire and Oregon, although localities in Alaska may impose taxes on tangible property.” Frequently asked questions
Bottom lineTax laws can be very complex. As you think about what you own that falls under the tangible personal property definition, you may want to talk to a tax professional to understand whether any of those items will impact how much you owe the government. And while you’re thinking about tangible property taxes, be sure to also focus on ways to lower your property tax bill, too. What is the meaning personal property?Any movable thing or intangible item of value that is capable of being owned by a person and not recognized as real property. Synonymous with chattel.
What is a personal property item?Like many people, you may own much more than you realize. Your furniture, appliances, clothing, sports/hobby equipment, and electronics are all regarded as personal property.
What are the 3 types of property?In economics and political economy, there are three broad forms of property: private property, public property, and collective property (also called cooperative property).
Is an example of personal property quizlet?Personal property is movable and includes tangible (appliances, car, furniture, jewelry) and intangible (bonds, right to a benefit, shares or stocks) items whose ownership belongs to the individual.
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