What is the difference between real and personal property?

In Oregon, the law distinguishes between real property and personal property with respect to taxation. Real property includes land, buildings, and other permanent fixtures, while personal property includes all types of movable property, such as furniture, fixtures, machinery, equipment, and inventory. Real property taxes in Oregon are assessed by the county assessor on all property within their jurisdiction. The assessor determines the taxable value of the property each year based on the market value. The annual tax amount is then calculated by multiplying the taxable value by the county and local tax rates. Personal property taxes in Oregon are assessed by the state Department of Revenue. The state uses a “book value” system to assess the value of personal property. The taxable value is determined by subtracting the depreciated value of the property from the original purchase price. The state then multiplies the taxable value by the state-mandated tax rate to determine the annual tax amount. The primary difference between real and personal property in Oregon is the way in which the taxable value is determined. Real property taxes are based on the market value, while personal property taxes are based on the original purchase price, minus depreciation.

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What is the difference between real and personal property?

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