What is the difference between real and personal property?

Real property and personal property are different types of property in South Dakota and around the world. Real property is property that is attached to land, like a house or a building. Personal property is everything else. It is moveable property, like cars, boats, jewelry, furniture, and clothes. In South Dakota, real property is subject to property taxes and personal property is not. Property taxes are a form of taxation that is based on the assessed value of the real property, which is usually determined by a county tax assessor. Property taxes are used to fund local schools, police, fire departments, and other services. Real estate is also subject to different laws than personal property. If, for example, you have a dispute with a neighbor over a boundary line, the dispute would need to be settled through real estate law. Disputes over personal property, however, would need to be settled through civil law. Real estate also has different regulations and restrictions than personal property. For example, zoning laws will often dictate what kind of use the land can be used for, while personal property may not need to adhere to the same restrictions. Real property and personal property are taxed and regulated differently. Understanding the differences is important when understanding property tax law in South Dakota.

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What is the difference between real and personal property?

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