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Simple English definitions for legal terms
Tangible personal property
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A quick definition of Tangible personal property:
Tangible personal property refers to things that you can touch and move around, like cars, furniture, and appliances. It is different from real estate, which is land and buildings that cannot be moved. In some places, you have to pay taxes on tangible personal property, which means you have to give some money to the government based on the value of the things you own.
A more thorough explanation:
Tangible personal property
Tangible personal property refers to physical items that can be touched or moved, such as cars, furniture, jewelry, household goods, and business equipment. This type of property is subject to property taxes in many states, in addition to taxes on land and buildings. These taxes are usually collected by local governments and regulated at the state level.
- A car
- A couch
- A computer
- A refrigerator
These examples illustrate tangible personal property because they are physical items that can be touched and moved. They are not permanently attached to a single location, unlike real estate or land. In some states, these items are subject to property taxes, which means that their owners must pay a fee to the government based on their value.