Difference Between Real Estate & Personal Property
There is a physical distinction to be made to determine whether property is Real or Personal.
Real Estate is the physical land and appurtenances, including structures affixed thereto in addition to the interest, benefits, and rights inherent in the ownership of real property known as the bundle of rights.
Personal Property is generally those items not permanently affixed to real estate. Personal property is movable and can be removed without serious damage to either the real estate or the item being removed. The three categories of taxable personal property are:
Business and professional furnishings
Household furnishings, in property other than a principal residence