What is the difference between Real and Personal Property?
Real Estate 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 interests, benefits and rights inherent in the ownership of physical real property known as the bundle of rights.

Personal Property
Personal property is generally those items not permanently affixed to real estate. Personal property is movable and can be removed without serious damage either to the real estate or to the item being removed. The 3 categories of taxable personal properties are:

Business and professional furnishings
Household furnishings, in property other than the principal residence
Personal property of public utilities

Show All Answers

1. I’m a new owner. Why did I receive my tax bill in the former owner’s name?
2. How do market conditions affect my assessment?
3. What does full and fair cash value mean?
4. What is a Residential Exemption?
5. How do you determine market value?
6. I purchased my property in calendar year 2015. When do I qualify for a residential exemption?
7. What is a Statutory Exemption?
8. When are real property tax bills mailed and payments due?
9. I live in Chestnut Hill, why haven't I received my motor vehicle excise bill?
10. What is a Tax Classification Hearing?
11. How do I change my address for my Motor Vehicle Excise Tax?
12. What is the difference between Real and Personal Property?
13. What is a Revaluation and why is it necessary?