Personal Property Law and Legal Definition

Personal property is property which is not real property, money or investments. Personal property is movable assets or things. It is also called personalty.

Depending on the county, some counties assess a personalty tax, which is levied on business furnishings and equipment that you report to the County Assessor each year. The Assessor furnishes a schedule to each business owner. Included on this schedule is a detailed list of all tangible personal property owned by the business. The Assessor determines the value of your personal property based on the information supplied. It is the duty of the taxpayer to fully list tangible personal property, including other information required by the Assessor, to place a correct value on the property, and to sign and return the schedule.