Mobile property including most machinery, equipment, furniture and fixtures associated with commercial, industrial or agricultural enterprises. Business inventories are exempt from property tax. Mobile homes on leased land are personal property.
( objets personnels ou biens meubles) Property in which a person has an interest and which is personal, moveable or separable from realty. e.g. furniture, clothing, jewellery, dishes, etc. are personal property.
Property that is not "real property" (land and buildings). Personal property can be "tangible," meaning that the property has a physical existence and can be touched, like cars, boats, jewelry, furniture, and animals. Personal property can also be "intangible," meaning that the value of the property is in the legal rights that are represented, like promissory notes, corporate stock, partnership interests, or patents or copyrights.
In collections, usually refers to the personal items contained in a repossessed vehicle. These items, which are not part of the car, should be inventoried and retained for a limited period of time for redemption by the debtor.
Any property belonging to the exchangor that is non investment or business related, such as a primary residence. Qualifying Property: Any property that is used for business or investment purposes, including raw land.
Any property that you own other than real estate. Includes airplanes, boats, manufactured homes not affixed to permanent foundations and business property such as supplies, office furnishings, machinery or equipment.
Property that is not land, fixed-in-place buildings, naval vessels, or records of the federal government, i.e., property such as equipment, furnishings, vehicles, etc. Personal property does not include common fixtures (plumbing, electrical fixtures, etc.) that are physically a part of real property. The military departments are required to conduct an inventory of personal property at closing and realigning bases and identify those items of personal property that have the potential to enhance the reuse of the installation.
In broad and general sense, everything that is the subject of ownership which is not under the denomination of real estate. A right or interest in things which are personal, or any right or interest which one has in things movable.
This coverage applies to personal property that is usual to the occupancy of a dwelling. The coverage applies to personal property owned or used by the insured or resident family members while the property is on the described location. The limit of insurance for this coverage is chosen by the insured. Back to list of terms.
Property other than buildings and their appurtenances, consisting of furniture, fixtures, machinery and equipment not permanently installed, all other personal property owned by you and used in your practice, and merchandise held in storage for sale, raw materials and in process or finished goods, including supplies used in their packing or shipping.
Furniture, equipment, and other moveable property and assets. Buildings and land are not personal property, they are real property. When buying or constructing a building, valuable tax benefits can be found by carefully identifying which property is properly treated as personal property instead of real property. This is because personal property can be written off (depreciated) more quickly than real property.
Movable property. See also chattel. Purchase money security interest - A lien which is created when a debtor uses money loaned by a creditor to make a purchase and gives the creditor a lien on the property purchased with the creditor's money.
Any property which is not included in the definition of real property; tangible property such as: furniture, books, automobiles, jewelry and clothes; and , intangible property such as: money, stocks, bonds and/or bank accounts.
Any movable or intangible thing that is subject to ownership and not classified as real property. Also termed personalty, personal estate, movable estate. Common examples are cash, securities, clothing, jewelry, furniture, cars, artwork, etc.
This type of property is usually movable and easily transportable. On the other hand, real property generally is considered to be immovable, such as land and things affixed to it. A rule of thumb definition for personal property is "everything other than real property."
Your home insurance policy will cover the contents of your home and other personal property that you own, wear or use (including clothing, cameras, furniture, etc.) while on your premises. It may even cover uninsured personal property of others, excluding roomers or boarders who are not related to you. Your policy will normally cover personal property while it is temporarily away from your home anywhere in the world. Personal property not normally kept at home is not covered. Personal property in a warehouse is usually covered against theft without time limit; but other perils may not be covered, or may be covered only up to 30 days, so be sure to consult your agent or broker.
Movable property that is not affixed to the land (real property). Personal property includes tangible items such as cash, cars and computers, as well as intangible items, such as royalties, patents and copyrights.
All property which is not land or improvements permanently affixed to land. Example: stocks, bonds, furniture, automobiles, clothing, promissory notes, etc. Items of tangible personal property are often referred to as chattels.
Tangible items of ownership such as art, stamp/coin collections, furniture, equipment, motor vehicles and business inventories. All forms of personal property qualify for charitable donations. However, independent appraisals are required to substantiate income tax deductibility and IRS tax forms may need to be completed by both the donor and the charity receiving the gift.
These are items that are not affixed to the real estate that may be sold along with property. Examples are drapes, unattached microwave oven, washer, dryer, etc. It is important that these items be listed on the AECC Contract Of Sale as well as the Vacancy Inspection Report.
Any property which is not real, such as money, or cars and not attached to the property. Once the lender agrees to make a loan, the borrower signs a note promising to repay the loan under the designated terms.
Any property that is not real property. While state laws vary on the definition of personal property, it is generally thought of as the movable items that a person owns. They can be tangible, such as furniture and other merchandise, or intangible, such as stocks and bonds.
Things that are tangible and movable; property that is not classified as real property, such as chattels. Title to personal property is transferred by way of a bill of sale, as contrasted with a deed for real property. Items of personal property frequently become the object of dispute between buyer and seller, most often due to whether an item is considered a fixture or due to the seller's attempt to substitute a similar item. Some cautious buyers insert a clause in their purchase contracts to the effect that the buyer will get the appliances "as currently installed and used in the premises." A tree is real property while it is rooted in the ground, but when severed it is transformed into personal property. When lumber is assembled, however, and used as material to construct a house, it once again becomes a fixture, or real property. ( See fixture )
Any property that is not real estate, including goods such as clothing, furniture, and automobiles, and intangible items such as contractual rights. In Quebec, known as moveable property. Contrast with real estate.
All property other than land and buildings attached to land. Cars, bank accounts, wages, securities, a small business, furniture, insurance policies, jewelry, patents, pets and season baseball tickets are all examples of personal property. Personal property may also be called personal effects, movable property, goods and chattel, and personality.
A category of property, other than real estate, identified for purposes of taxation. It is comprised of personally owned vehicles, as well as corporate property and business equipment. Examples include automobiles, motorcycles, trailers, boats, airplanes, business furnishings, and manufacturing equipment. Goods held for sale by manufacturers, wholesalers, or retailers are not included in this category.
Any property that is not real property. (See Real Property.) Property that is movable, as opposed to real property, which is immovable; also includes intangible property and leasehold estates. Back to the Top
Any property of an insured other than real property. Homeowner policies protect the personal property of family members, and commercial forms are used to protect many types of business personal property of an insured.
In general refers to property that can be moved. It is not permanently attached to, or a part of, the real estate. For example, if your agency purchases a strip of property and that strip has a dog house on it, in most cases the dog house would be personal property. An example of business personal property may be desks and chairs. If you need information or assistance in determining what makes up personal property under your state and local laws you should contact your LPA coordinator or legal council.
Property that is not attached to real property. Property other than real estate, or property that is movable or separable from real estate; for property insurance purposes, tangible property, which is often called “contents.” Personal property may be used for business purposes and therefore may be covered by a commercial policy, while personal property not used for business is generally covered only by personal lines policies (such as homeowners or renters' insurance).
Typically refers to movable property not permanently affixed to the real estate. When state law provides for personal property assessments, this is usually assessed under different appraisal techniques.
Tangible Personal Property refers to things that may be touched and moved such as machinery, equipment, supplies, material, airplanes, boats, or vehicles. Personal Property is distinguished from Real Property (land and improvements). See page 4.
Tangible physical property (such as cars, clothing, furniture and jewelry) and intangible personal property (bank accounts, stocks and bonds). This does not include real property such as land or rights in land.
Assets whose ownership arises either out of physical possession of the property, or as the result of a document showing ownership. Examples: livestock, machinery, stored grain, bank deposits, stocks and bonds, checking and savings accounts, automobiles and other transportation and recreational vehicles.
All property not defined as real property (manufactured homes, businesses and airplanes, etc.) Personal Property On The Secured Roll: Included on the statement sent in December to the property owner that will be billed with the real property. Personal Property On The Unsecured Roll: The request for a list of personal property is generally sent out by July 1 and should be returned to the Assessor by July 31. The taxpayer must pay within 30 days of the billing demand.
Property that is not real is personal. Identifiable portable and tangible objects, e.g., furnishings, artwork, antiques, gems and jewelry, collectibles, machinery and equipment; all property that is not classified as real estate; including airplanes, boats, and business property such as computers, supplies, furniture, machinery and equipment. (Most business inventory, household furnishings, personal effects, and pets are exempt from taxation.). Main characteristic of personal property is its movability without damage to itself or the real estate.
Everything except land and buildings and other structures attached to the land. Examples include merchandise, furniture, supplies, stock, and inventory. Sometimes called contents, although the HARRP coverage agreement covers not only property contained in a building but also property near the building.
Property other than land and buildings often referred to as "contents." Also includes the contents found in other structures. Certain types of property have specific dollar limits or are subject to exclusions.
For homeowners insurance purposes, this term generally includes all the contents of your household (e.g., furniture, jewelry, knickknacks, etc.). Coverage for personal property is automatically set at 50 percent of your coverage limit for your house, unless you choose to raise your coverage. This coverage is generally subject to a deductible.
Any piece of property that is moveable, as opposed to land or attached to land. For instance, cars, jewelry, furniture, all fall into the category of personal property. Personal property can be divided into community and separate property. If specific items of personal property will be given to a named heir, describe the property in as much detail as possible in order to leave no room for doubts.
Anything that you can own that is considered movable. Money, furniture, cars, clothes as well as your cat and dog are examples of personal property. Land and anything attached to it is not personal property, but real property. You can move personal property from one place to another, though your cat may not like it, and you can sell or buy personal property with or without a written contract.
Movable property in a house, i.e. furniture or appliances. Assets owned by an individual as part of his or her estate except for land and everything attached to the land. Personal property may be either tangible, having physical substance such as an auto and furniture or intangible, lacking physical substance such as socks, bonds, and bank deposits.
A General Liability coverage for insurable offenses that cause harm, other than bodily injury, such as false arrest, detention or imprisonment, malicious prosecution, wrongful eviction, slander, libel and invasion of privacy