What is the difference between real and personal property?

Real property, or real estate, is land and anything permanently attached to it, including buildings and natural resources located within its boundaries. It is owned by an individual, group, or organization and can consist of residential, commercial, agricultural, or industrial properties. Personal property, also known as chattel or moveable property, is any possession that an individual owns, such as furniture, appliances, vehicles, boats, artwork, jewelry, and financial instruments. These items are deemed to have no permanent attachment to the land and can be moved from one place to another. In California, real property is subject to property taxes while personal property is not. Property taxes are calculated annually based on the assessed value of the real estate and its improvements. The tax rate is determined by the government and can be used to fund public services such as schools, libraries, and infrastructure. Personal property, on the other hand, is not subject to any local, state, or federal taxes in California.

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