Real property definition
/What is Real Property?
Real property is land and other assets that are permanently attached to the land. These other assets must be permanently placed on or under the land. Real property is generally taxed at the local level, not the federal level. Some government entities prefer to tax real property as their primary form of tax collection, rather than imposing income or sales taxes.
Examples of Real Property
Examples of real property are buildings, canals, crops, fences, land, landscaping, machinery, minerals, ponds, railroad tracks, and roads.
What is Personal Property?
All other assets are classified as personal property, which is comprised of movable assets. For example, the furniture within a house is personal property, while the house is real property.
Terms Similar to Real Property
Real property is also known as real estate.