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
Here are several examples of real property:
Single-family home. A detached residential house on a privately owned lot used for personal living space.
Condominium unit. An individually owned apartment within a larger building, with shared common areas like hallways and gyms.
Vacant land. An undeveloped parcel of land that can be used for future construction or investment.
Commercial office building. A multi-story structure used by businesses for office space and operations.
Retail shopping center. A group of stores and service businesses located together, such as a strip mall or plaza.
Industrial warehouse. A large building used for manufacturing, storage, or distribution of goods.
Apartment complex. A group of residential rental units within one or several connected buildings.
Farming land. Agricultural property used for growing crops or raising livestock.
Vacation home. A secondary residence typically located in a desirable travel destination for leisure use.
Mixed-use development. A property that combines residential, commercial, and sometimes industrial uses in one integrated space.
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.