Personal Property
Definition:
Personal property refers to movable items owned by an individual or entity, such as furniture, vehicles, jewelry, equipment, and money. Unlike real property, which includes land and buildings, personal property is not permanently attached to or associated with real estate.
Personal Property Information
Personal property is generally divided into two categories: **tangible** and **intangible**. Tangible personal property includes physical objects that can be touched and moved, like electronics or artwork. Intangible personal property consists of non-physical assets such as stocks, bonds, and intellectual property rights. Ownership of personal property can be transferred through sale, gift, or inheritance, and it is often subject to taxation and insurance considerations.
Florida Legal Definition
Under **Florida Statutes §192.001(11)(d)**, personal property includes goods, chattels, and other movable effects not permanently affixed to land or buildings. It also encompasses equipment, machinery, household goods, and business assets. The Florida Department of Revenue classifies and assesses tangible personal property for tax purposes, while intangible personal property is largely exempt from taxation under current state law.
How It’s Used in Practice
In practice, personal property plays a key role in contracts, leases, estate planning, and secured transactions. Businesses often use personal property as collateral for loans, while individuals include it in wills and trusts. In real estate transactions, personal property is typically excluded unless specifically listed in the purchase agreement. Understanding what qualifies as personal property helps avoid disputes over ownership and value.
Key Takeaways
- Personal property includes all movable possessions, both tangible and intangible.
- It differs from real property, which consists of land and permanent structures.
- Florida Statutes §192.001(11)(d) defines and governs personal property classifications.
- Common examples include vehicles, jewelry, business equipment, and financial assets.
- Ownership and transfer of personal property are central to estate, tax, and contract law.
Disclaimer: The information and opinions provided are for general educational, informational or entertainment purposes only and should not be construed as legal advice or a substitute for consultation with a qualified attorney. Any information that you read does not create an attorney–client relationship with Barnes Walker, Goethe, Perron, Shea & Johnson, PLLC, or any of its attorneys. Because laws, regulations, and court interpretations may change over time, the definitions and explanations provided here may not reflect the most current legal standards. The application of law varies depending on your particular facts and jurisdiction. For advice regarding your specific situation, please contact one of our Florida attorneys for personalized guidance.
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