Personal Property Examples In Pima
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Personal-use property is not purchased with the primary intent of making a profit, nor do you use it for business or rental purposes.
Thus, the three basic elements of private property are (1) exclusivity of rights to choose the use of a resource, (2) exclusivity of rights to the services of a resource, and (3) rights to exchange the resource at mutually agreeable terms.
For property tax purposes in Arizona, personal property is defined as all types of property except real estate. Taxable personal property includes property used for commercial, industrial, and agricultural purposes. Personal property is considered to be movable and not permanently attached to real estate.
Examples of tangible personal property include vehicles, furniture, boats, and collectibles. Digital assets, patents, and intellectual property are intangible personal property. Just as some loans—mortgages, for example—are secured by real property like a house, some loans are secured by personal property.
Classifications Intangible. Tangible. Other distinctions.
Types of Property. All property belongs to one of three categories: real property, personal property, or intellectual property.
Personal property depends on a surprisingly simple test: Can you physically move it? The outcome of that test determines the distinction between real property and personal property, which in turn has real implications for taxation.
Thus, the main characteristic of personal property is that it is movable, unlike real property or real estate. Tangible property is personal property that can be physically handled, such as clothes, jewelry, furniture, etc.
