Tangible property refers to physical items that can be touched or perceived through the sense of touch. This includes objects like real estate, vehicles, furniture, and equipment. Unlike intangible property, such as intellectual property or stocks, tangible property has a material existence that can be physically handled or moved.
Tangible property is commonly referenced in various areas of law, including:
Users can often manage related legal processes themselves using templates from US Legal Forms, which are drafted by qualified attorneys.
Here are a couple of examples of abatement:
Examples of state differences (not exhaustive):
| State | Property Tax Treatment |
|---|---|
| California | Assessments based on market value. |
| Texas | No state income tax; property taxes are a primary revenue source. |
| New York | Property taxes vary by municipality and property type. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition | Key Differences |
|---|---|---|
| Tangible Property | Physical items that can be touched. | Exists in a material form. |
| Intangible Property | Non-physical assets, such as copyrights and trademarks. | Cannot be physically touched or moved. |
If you own tangible property, it's important to understand your rights and responsibilities regarding that property. Here are some steps you can take:
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