Personal Property Definition

Personal property is a legal term describing certain forms of property, usually distinguished from real estate. Personal property is sometimes referred to as movable property to distinguish it from immovable objects such as land or buildings. Depending on the jurisdiction involved, personal property is further divided into a variety of classes, usually including tangible personal property-objects that can be moved, touched, or felt-and intangible personal property, such as securities, intangible assets, and other things that can’t be moved or touched.

Most taxation systems allow personal property to depreciate much faster than real estate. Numerous legal distinctions exist between various classes of personal property. For example, in most jurisdictions mortgages are placed upon real estate, while security interests are placed upon personal property.