How is tangible personal property defined?

Tangible personal property is defined as physical items that can be touched and moved. This category of property includes objects such as furniture, equipment, vehicles, and machinery that have a physical presence and can be relocated. The defining characteristic of tangible personal property is its materiality; it must exist in a physical form that one can perceive through the senses.

In contrast to other forms of property, such as intangible assets (like stocks and bonds which do not have a physical presence), or real property (which includes land and anything permanently affixed to it), tangible personal property stands out for its portability and the fact that it is not tied to a specific location in the same way real property is. This understanding helps in assessing and classifying property for taxation and regulatory purposes, distinguishing it from assets that cannot be physically moved or touched.