What types of property are subject to property taxes?

In California, property tax laws generally govern two distinct types of property: real property and personal property. Real property consists of land and any structures or improvements that are attached to the land. This type of property may be residential, commercial, agricultural, industrial, or vacant. All real property in California is assessed a property tax based on its market value. Personal property consists of intangible items such as stocks, bonds, money, and other assets that can be moved or transferred. Personal property also includes tangible items such as boats, cars, and furniture. In California, personal property is generally exempt from property tax. In addition to these two types of property, some specific property types are subject to additional property taxes or special assessments in California. These include manufactured homes, aircraft, and business inventory. Manufactured homes are assessed a property tax based on their value, and aircraft are subject to a local aircraft tax. Business inventory, which includes the goods and materials a business uses to create or sell products, can be subject to additional tax assessments from local governments.

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