BROWSE

Tangible Personal Property

What is 'Tangible Personal Property'

Tangible personal property is a tax term describing personal property that can be physically relocated, such as furniture and office equipment. Tangible personal property is always depreciated over either a five- or seven-year period using straight-line amortization, but is eligible for accelerated depreciation as well.

Explaining 'Tangible Personal Property'

Tangible personal property includes a wide variety of equipment, from small office fixtures to light trucks and buses. It also includes any and all miscellaneous assets that do not inherently qualify for any other class life, such as jewelry, toys and sports equipment. Tangible personal property is the opposite of real property, in a sense, as real property is immovable.


Further Reading


Estimating the manufacturing employment impact of eliminating the tangible personal property tax: Evidence from Ohio
journals.sagepub.com [PDF]
… Download article citation data for: Estimating the Manufacturing Employment Impact of Eliminating the Tangible Personal Property Tax: Evidence From Ohio. Sian Mughan and Geoffrey Propheter. Economic Development Quarterly 2017 31:4, 299-311. Download Citation …

The Diminishing Difference Between Selling and Leasing Tangible Personal PropertyThe Diminishing Difference Between Selling and Leasing Tangible Personal Property
heinonline.org [PDF]
… Download article citation data for: Estimating the Manufacturing Employment Impact of Eliminating the Tangible Personal Property Tax: Evidence From Ohio. Sian Mughan and Geoffrey Propheter. Economic Development Quarterly 2017 31:4, 299-311. Download Citation …

Assessment and Taxation of Tangible Personal Property on FarmsAssessment and Taxation of Tangible Personal Property on Farms
www.jstor.org [PDF]
… Download article citation data for: Estimating the Manufacturing Employment Impact of Eliminating the Tangible Personal Property Tax: Evidence From Ohio. Sian Mughan and Geoffrey Propheter. Economic Development Quarterly 2017 31:4, 299-311. Download Citation …

Bona diagnosis, bona curatio: How property economics clarifies the degrowth debateBona diagnosis, bona curatio: How property economics clarifies the degrowth debate
www.sciencedirect.com [PDF]
… Download article citation data for: Estimating the Manufacturing Employment Impact of Eliminating the Tangible Personal Property Tax: Evidence From Ohio. Sian Mughan and Geoffrey Propheter. Economic Development Quarterly 2017 31:4, 299-311. Download Citation …

SALES AND USE TAX EXEMPTIONS FOR MACHINERY USED IN THE RECYCLING OF TANGIBLE PERSONAL PROPERTYSALES AND USE TAX EXEMPTIONS FOR MACHINERY USED IN THE RECYCLING OF TANGIBLE PERSONAL PROPERTY
www.jstor.org [PDF]
… Download article citation data for: Estimating the Manufacturing Employment Impact of Eliminating the Tangible Personal Property Tax: Evidence From Ohio. Sian Mughan and Geoffrey Propheter. Economic Development Quarterly 2017 31:4, 299-311. Download Citation …

INTERIM REPORT OF THE COMMITTEE ON PERSONAL PROPERTY TAXATION ON THE TAXATION OF TANGIBLE PERSONAL PROPERTY USED IN BUSINESSINTERIM REPORT OF THE COMMITTEE ON PERSONAL PROPERTY TAXATION ON THE TAXATION OF TANGIBLE PERSONAL PROPERTY USED IN BUSINESS
www.jstor.org [PDF]
… Download article citation data for: Estimating the Manufacturing Employment Impact of Eliminating the Tangible Personal Property Tax: Evidence From Ohio. Sian Mughan and Geoffrey Propheter. Economic Development Quarterly 2017 31:4, 299-311. Download Citation …

Massachusetts Applies the Operational Approach for Sourcing of Sales other than Sales of Tangible Personal PropertyMassachusetts Applies the Operational Approach for Sourcing of Sales other than Sales of Tangible Personal Property
heinonline.org [PDF]
… Download article citation data for: Estimating the Manufacturing Employment Impact of Eliminating the Tangible Personal Property Tax: Evidence From Ohio. Sian Mughan and Geoffrey Propheter. Economic Development Quarterly 2017 31:4, 299-311. Download Citation …

Taxation of tangible personal property used in agriculture.Taxation of tangible personal property used in agriculture.
www.cabdirect.org [PDF]
… Download article citation data for: Estimating the Manufacturing Employment Impact of Eliminating the Tangible Personal Property Tax: Evidence From Ohio. Sian Mughan and Geoffrey Propheter. Economic Development Quarterly 2017 31:4, 299-311. Download Citation …



Q&A About Tangible Personal Property


How would you define real property in contrast to tangible personal property?

Real Property is immovable while Tangible Personal Property is movable.

What is tangible personal property?

Tangible personal property is literally anything that can be touched.

What does the term "tangible" mean in this context?

Tangible means that the item can be physically moved from one place to another.

What does tangible personal property include?

Tangible personal property includes both real property and personal property (or moveable property), and stands in distinction to intangible property.

What unique category of properties exists?

A unique category of properties exist called ""chose in action"".

How is tangible personal property defined by the law?

In English law and some Commonwealth legal systems, items of tangible personal are referred to as choses in possession (or a chose in possession in the singular). However, some properties, despite being physical in nature, are classified as intangible rather than tangible because the rights associated with the physical item are of far greater significance than its physical properties. Principally these are documentary intangibles. For example, a promissory note is a piece of paper that can be touched but the real significance is not the physical paper but the legal rights which it confers; hence promissory notes are defined by debt rather than their physical attributes.

What are some examples of tangible personal property?

Examples include small office fixtures, light trucks and buses, jewelry, toys and sports equipment.

Is tangible personal property always depreciated over five or seven years?

Yes, it is eligible for accelerated depreciation as well.

Leave a Reply

Your email address will not be published. Required fields are marked *