What is the difference between real and personal property?

Real property is defined as land, structures, and natural resources found on or below the surface of the land. This includes any improvements made to the land, such as buildings and roads. Real property is taxed differently than other types of ownership in Virginia. Personal property is defined as all tangible items that are not considered real property. Examples of personal property include vehicles, jewelry, furniture, appliances, clothing, artwork, electronics, and collectibles. It is important to note that the definition of personal property varies from state to state, so it is important to check with local authorities to determine what is and what is not classified as personal property. In Virginia, real property is subject to an annual property tax which is based on the assessed value of the property. This tax is used to fund public services and infrastructure such as schools, libraries, and roads. Personal property is generally not subject to property taxes in Virginia, though there are certain exceptions such as boats and trailers. In summary, the main difference between real and personal property in Virginia is the way each type of ownership is taxed. Real property is subject to an annual property tax, while personal property is usually exempt from this tax. It is important to research local laws to ensure accurate taxation.

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What is the difference between real and personal property?

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