Personal property

Some things are easy to move.

These things are called personal property. You can touch and feel them. Your clothes are personal property. Your toys can move too.

Other things cannot be moved. These are called intangibles. They have value but you cannot touch them.

Personal property is not like land. A house stays in one place. But your things go where you go.

Some people pay a tax to own things. This helps pay for things like boats. It is fun to own your own things!

Personal property is anything you can move.

This is different from real estate. Real estate is land or buildings. Those things stay in one place. Personal property goes where you go. You might call it "chattels" or "movables."

There are two main kinds of personal property. The first kind is tangible. Tangible items are things you can touch. Your clothes, jewelry, and furniture are tangible. Some things, like boats, have papers to show you own them. Other things, like household goods, do not have papers.

The second kind is intangible. These are things you cannot touch or feel. They still have value. They might be stocks or other items that represent value.

Rules for personal property can be different from land. For example, some places have a tax on personal property. You might pay fees to register a car or a boat. In some places, sales tax only applies to tangible things. This helps people understand what they own and how it is used.

Personal property is anything that can be moved from one place to another. In common law systems, people may call it chattels or personalty. In civil law systems, it is often called movable property. This is different from real property, which is land or buildings. Real property stays in one spot and cannot be moved. Personal property goes wherever the owner goes.

There are two main ways to group personal property. The first group is called tangible property. These are items you can touch or feel. This includes things like furniture, clothing, and jewelry. It also includes art, writings, and household goods. Some items like boats or motor vehicles have formal title documents. These papers prove who owns the item. Other items do not have official titles.

The second group is called intangible personal property. These are things you cannot actually touch or feel. They still have value to a person. They might include things like securities or service assets. Some people call these "intangibles." Even though you cannot hold them, they represent something important. They are still part of a person's belongings.

History shows how these words changed over time. The word "cattle" comes from an Old Norman word. This word was a variant of the Old French word "chatel." That word became the English word "chattel." It comes from the Latin word "capitalis." This Latin word means "of the head." Long ago, the word chattel meant all kinds of movable property.

Rules for personal property can be quite different from land rules. Accountants say personal property can lose value faster than land. In the United States, Article 9 of the Uniform Commercial Code helps manage some of these items. Many places also charge a personal property tax. This is an annual tax for owning certain things. For example, you might pay fees to register a boat. Most household goods are exempt from this tax.

Personal property refers to any asset that is movable. In common law systems, this type of property is often called chattels or personalty. In civil law systems, it is frequently termed movable property or simply movables. This category is defined by the ability to move an item from one location to another. It stands in direct contrast to real property, also known as real estate. Real property includes immovable things like land and buildings.

There are two primary classifications for personal property: tangible and intangible. Tangible personal property consists of items that can be touched or felt. Common examples include furniture, clothing, jewelry, art, and household goods. Some tangible items, such as motor vehicles or boats, require formal title documents. These documents prove ownership and rights to transfer the item. Other tangible goods do not have official titles and are presumed to belong to whoever possesses them.

Intangible personal property, or intangibles, represents a different kind of value. These are assets that cannot be physically moved, touched, or felt. Instead, they represent value through things like securities or negotiable instruments. They can also include services or intangible assets known as chose in action. While you cannot hold an intangible asset, it still holds significant economic importance.

The history of these terms shows how language and ownership have evolved. The word "cattle" is an Old Norman variant of the Old French word "chatel." This eventually became the English word "chattel." The term originates from the Latin word "capitalis," which means "of the head." Historically, the word chattel was used as a synonym for all general movable personal property.

Legal and financial rules for personal property differ from those for real estate. For instance, accountants note that personal property can be depreciated faster than improvements. Land is not depreciable at all, so this distinction matters for tax benefits. Rights regarding movables are also often more attenuated than rights regarding immovables. Statutes of limitations or prescriptive periods are usually shorter for personal property. Real property rights are often enforceable for much longer periods.

Ownership of personal property can also be used to secure debts. In common law, a mortgage is used for real property. For personal property, similar devices exist, such as a chattel mortgage or a security interest. In the United States, Article 9 of the Uniform Commercial Code governs many of these transactions. Some jurisdictions also levy a personal property tax. This is an annual tax on the privilege of owning or possessing property. Registration fees for boats and automobiles are common examples of this tax.

Different political theories offer unique perspectives on the nature of property. Marxist theory distinguishes between private property and personal property. Marxists argue that private property can include factories, mines, and infrastructure. These assets generate capital for an owner without the owner performing physical labor. In contrast, personal property includes items intended for personal use, like clothes or a toothbrush. Anarchist theory also makes a distinction between capital and consumer goods.