What are the two main categories of personal property?

The two main categories of personal property are tangible and intangible personal property. Tangible personal property refers to physical items that can be touched, such as furniture, machinery, and vehicles. These items have a physical presence and can be valuable in terms of their material worth. On the other hand, intangible personal property consists of non-physical assets that hold value, such as stocks, bonds, patents, copyrights, and goodwill. These assets represent rights or privileges rather than physical objects.

Understanding this classification is important because it helps assessors accurately categorize and value personal property for taxation and other legal purposes. This distinction is foundational in personal property assessment, influencing the methodologies used in evaluations and the legal treatment of different asset types. Each category may be subject to different regulations, valuation methods, and implications for ownership and transfer.