Chattel that is affixed and cannot be removed without loss of value is classified as?

Chattel that is affixed and cannot be removed without loss of value is classified as real property. This classification stems from the nature of real property, which includes physical land and anything permanently attached to it, such as buildings and fixtures. When a chattel (personal property) becomes affixed to real estate in such a way that its removal would result in a loss of value or damage to the real property, it takes on the characteristics of real property. This is an essential concept in property assessment and tax evaluation, as it helps clarify ownership rights and responsibilities.

In this context, personal property refers to movable items that can be easily transported, and leasehold improvements are enhancements made to leased property that may or may not become part of the real estate depending on lease terms. Fixed assets generally refer to long-term tangible goods owned by a business, which may include both real and personal property depending on the classification used in accounting.