A valuation tax classification society such as NAIS, CMI, and ULAN publish a style guide or standards describing the personal property and real property.
There are several different types of personal property. For example, some forms of tangible personal property will include possessions such as cars, boats, and other large consumer items. However, most forms of tangible private property will not directly demonstrate ownership, such as a vacation photo book or a 20-sided die.
Intangible personal property (or "intangibles") are, as the name implies, things that cannot be moved, touched or felt but represent something of value.
A few examples include:
- Negotiable instruments include real estate deeds, mortgages, and car deeds.
- Securities, such as securities, stocks, and bonds.
- Stocks are proof of ownership of shares in a company and claims to a portion of a company's assets and earnings.
- Bonds are a type of debt settlement in which one party issues debt through "IOU" notes to another party. These parties are known as the borrower and the lender, respectively.
- Other investments such as art, collectibles, and entertainment rights.
- Personal property is any property that the government does not own. This includes businesses, homes, vehicles, and anything else you possess. The private property of one citizen can not infringe on the personal property of another citizen.
Another crucial distinction in the law is between public and private property. Real property, by contrast, refers to immovable property, such as land and buildings.
The difference between real and personal property is much less controversial. For example, the distinction is typically only relevant if someone is injured in a robbery. If someone breaks into a home in an attempt to steal a TV but ends up getting hurt in the process, then the distinction between real and personal property may become relevant.
